Houston-based Caldwell Watson Real Estate Group is the new owner, utilizing the structuring of its Cornerstone Northchase Venture LP to orchestrate the buy at 4201 FM 1960 W. Although the sale and asking price are being kept under wraps, the Harris County Tax Assessor's online records value the 3.5-acre property at $3,550,710.
Darrell L. Betts, senior vice president with Grubb & Ellis Co. has represented WXI/AJP while Caldwell Watson had used an in-house broker for the negotiations.
Betts tells GlobeSt.com that the sale was successful because Caldwell Watson already owns six of the office buildings in Northchase Business Park, where the building is located. This building proves to be a nice complement to their portfolio, he says.
As for Archon, Betts says there are three other properties currently for sale. Betts says the Northchase sale does not signify waning interest in the Houston market by Archon, which still has holdings in the region.
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