Houston Doldrums Won't Find Spark in $27M Building Sale

HOUSTON-An industry expert tells GlobeSt.com that the up-and-coming sale of three Mack-Cali Realty Corp. buildings in Houston is “a non-event relative to the market.” The Cranford, NJ-based REIT has announced it has a buyer willing to spend $27.2 million for the class B trio.

The properties, totaling 413,000 sf, are 1717 St. James Place, 5300 Memorial Drive and 10497 Town & Country Way. The 1717 St. James Place is a six-story, 109,574-sf office building positioned close to the edge of the Galleria/West Loop submarket. The 5300 Memorial Drive, a 155,099-sf office property, is nestled between Wescott and Shepherd roads in the Allen Parkway/Montrose submarket. And, the Town & Country Way building is a 148,434-sf, suburban property near Town & Country Mall in the Katy Freeway submarket.