HOUSTON – TriGate Capital has purchased Northbelt Office Center II, located at 785 Greens Parkway in Houston. The office building was sold by C-III Asset Management, a special servicer. The two-story building totals 124,000 square feet and is currently 68 percent occupied by five tenants, although one tenant will vacate in mid-2016, moving occupancy to 48 percent.
TriGate purchased the property without an operating partner and has hired Transwestern for third-party leasing and management services.
TriGate’s purchase is consistent with its strategy of buying high-quality properties at a discount to replacement cost and peak value. The property, located near at the intersection of Interstate 45 and Sam Houston Tollway, has seven spaces per 1,000 square feet parking ratio, low operating costs and efficient floorplates. TriGate has already invested capital to reposition the building, including exterior and interior renovations.