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Adjacent 160,000 SF Industrial Properties Sell

HOUSTON-A private Houston partnership has purchased two adjacent industrial properties from Houston's Insite Commercial Real Estate. The deal was closed with a $9.4 million loan from John Hancock Life Insurance.

By Jennifer Brenner Andrade | Updated on October 31, 2003

HOUSTON-Two industrial parks, Post Oak Memorial Service Center and West Loop Business Park have been sold to Houston-based investment partnership WGH Post Oak LLC. The sales price was not disclosed, but the sticker price for the adjacent facilities was $13.5 million. The North Post Oak sites, which consist of eight buildings totaling 160,000 sf., were sold by Insite Post Oak, a partnership led by Houston’s Insite Commercial Real Estate.

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.

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