Techniplex Business Center LLC is the buyer of record for 16203 Park Row. David M. Boyd of Boyd Page represented the seller in the deal and Boyd Page's Ed Page acted for the buyer, a newly formed entity of a Houston investor.
Boyd tells GlobeSt.com that the seller owned the building for five years and predicated the decision to sell upon meeting goals set for the site at purchase time. The fully leased structure provides space for smaller energy and services firms that cater to high-profile clients such as BP, Amoco and ExxonMobil.
In the last five years, Energy Corridor rent has spiked, solidifying the recovery from the mid-1980s recession. The mark-up has been considerable, says Boyd.
Seller Harkinson Investment Corp.'s portfolio mainly consists of industrial flex buildings in the Dallas-Ft. Worth region, says Boyd. Each of the 12 units in Houston's Park Row building has a flex component with office finishes from 25% to 100%.
Boyd, who focuses on the industrial markets in northwest Houston and west Houston, as well as user building sales, tenant and landlord representation and investment sales, says the Houston market as a whole is gaining mixed reviews from brokers. He is seeing a general softening in the industrial market in the past few months. Boyd says many believed the Houston market would remain strong due to the velocity of the energy industry, but there's a definite softening as oil prices steadily drop.
Boyd's concerns also extend to the northwest industrial market, which, he says "is close to overbuilding." He believes it will take about 2 1/2 years to absorb all of the product coming on line in that submarket.
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