Houston-based buyer Realty Associates Advisors DVA TA Associates Realty is getting "solid" class B properties that are "well located in good submarkets," Rusty Tamlyn, principal in Trammell Crow Co.'s Houston office, tells GlobeSt.com. He and associates Ralph Tullier and Aaron Thielhorn, also in the Houston office, have negotiated the sale for the selling REIT, a private entity of Crow Holdings Co.
Tamlyn says the portfolio sale had attracted a lot of interest from would-be buyers, primarily due to the locations. Houston has been a nationwide leader in the industrial arena and its northwest sector is among the strongest.
In the northwest submarket, the properties are the 193,922-sf Silber 3, an 8.47-acre holding at 1150-1170 Silber Rd. and the 57,934-sf West Loop Business Park 6 and 7, services centers situated on 3.81 acres at 1213 and 1317 W. Loop North. In the east submarket, the properties are the 163,000-sf Wallisville Industrial 2, a bulk warehouse positioned on 6.68 acres at 8790 Wallisville Rd. and the two-building Wallisville Business Center 1 and 2, encompassing 73,568 sf of office-warehouse product built on 1.67 acres at 9360 and 9364 Wallisville Rd. The buildings' average occupancy is 95%.
Tamlyn says the buyer has snagged all but three of the portfolio's buildings, which may or may not come to market in the final analysis. The sold and pending structures had been built between 1979 and 1981, with a handful being developed by Crow Holdings Co. The portfolio had been on the market for six months, according to Tamlyn.
Holt Lunsford and Edward Bane of the Holt Cos.' Houston office has negotiated the sale on the buyer's behalf. With the sales pact, the Holt Cos. also gets the leasing and management duties, which had been assigned to Trammell Crow.
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