Kris Van Norman, principal with Insite, tells GlobeSt.com that his firm had purchased the parks about three years ago with the intent to increase occupancies and firm up leasing before selling. The class A multi-tenant facilities, currently more than 90% leased, are nestled in a submarket known to bring in rents between $10 per sf and $12 per sf gross. Van Norman says the properties were around 70% leased when Insite first acquired them. In addition to their stability, Van Norman says the properties were an attractive asset because of the accessibility they offer to the Galleria, Downtown and other hubs within the city.

The buyers financed the deal with a $9.4 million loan from John Hancock Life Insurance Co. The moderately leveraged loan has a five-year term and is amortized over 25 years with an interest rate below 5%. John Burke, senior director/senior vice president with the Houston office of NorthMarq Capital Inc. arranged the financing.

This is the second property WGH Post Oak has purchased from Insite. About a year ago, the same partnership bought the 156,255-sf Plaza Del Oro industrial park near the Houston Medical Center.