According to records at the Harris County Appraisal District, the 24-year-old property was sold by Kern Associates LP, an entity managed by Hill Partners Management Co. of Austin. Executives at Hill Partners could not be reached for comment. Mike Handel of locally based InSite Commercial Real Estate currently leases the 100% occupied project, and according to Hoster, EastGroup plans to manage the property internally while keeping InSite on as the leasing agent.
The building is situated on 4.5 acres off Loop 610 near Reliant Stadium and the Texas Medical Center Complex. Hoster calls the purchased a long-term investment. According to Hoster, EastGroup does not have any other properties under contract in Houston currently, but is always looking. In a press release, he says, this acquisition increases EastGroup's ownership in Houston to three million sf including our properties under development.
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