HOUSTON – NAI Investment Fund I has acquired a Class B office building in southeast Houston as part of a Texas-focused investment program.
NAI has launched an investment fund seeking office and industrial multi-tenant properties in Houston, Austin, Dallas and San Antonio over the next 18 to 24 months, says Rob Evans of NAI.
The fund bought the 75,000 square-foot office building at 12600 Featherwood in Houston from Klabzuba Realty of Fort Worth. Martin Hogan of HFF represented the seller. Amegy Bank provided financing.
“This transaction represents the completion of a successful round trip that generated attractive returns to our investors,” said Klabzuba Executive Vice President Clint Corn. “We remain committed to proactively recycling our capital into urban infill opportunities in major Texas markets.”
Klabzuba Realty owns real estate throughout Texas and other states with over 1 million square feet of rentable space.
12600 Featherwood is situated directly east of Interstate 45 South/The Gulf Freeway about 14 miles south of Houston’s central business district in the Gulf Freeway/Pasadena submarket. This places the property within close proximity to the Port of Houston, Hobby Airport, the Texas Medical Center and NASA’s Johnson Space Center.
2600 Featherwood is 81.5 percent leased to tenants including TriStar Global, Bamberger, Carber Holdings and Leasing Associates Service.
“The building is well positioned to capture oil and gas and logistics tenants that need a location need the Port of Houston or Hobby Airport,” said Hogan of HFF.