The 35-building, 73.9-acre portfolio was developed in 1980-82 by Trammell Crow Co. The majority of the product, which has a 44% office build-out, is situated in the city's most popular distribution submarket, the northwest. Three properties are positioned on the north side and one in the southwest.
Steering the sale is CB Richard Ells Inc.'s investment properties group headed by executive vice presidents, Jack C. Fraker in Dallas and Darla Longo in Ontario, CA. The team also includes Randy Baird, senior vice president, and John Robinson, associate, both in Dallas along with Barbara Emmons, senior vice president in Glendale, CA.
Based on property tours and inquiries, Baird tells GlobeSt.com that they are expecting a high number of offers from the usual crowd of deep-pocketed investors who chase institutional-grade product. The offer deadline is June 24. He confides most properties have some pre-payable debt and one has financing, making an assumption the best bet.
Baird says the preference is to sell the portfolio as a whole, but Hill Partners will accept one-off offers. The 117-tenant roster includes Pennzoil, Compass Bank, Stewart Title, Southwest Bank of Texas, the Houston Chronicle and Starbucks.
The largest asset in the stack is the seven-building, 206,664-sf Westport Business Park in the northwest submarket. Also for sale in the corridor is the Northwest Industrial Park, three buildings, 198,944 sf; Town & Country Business Center, six buildings, 166,902 sf; Fairway Park, five buildings, 135,571 sf; and Post Oak Business Center, a single structure with 89,970 sf.
The largest property for sale on the north side is the two-building, 127,000-sf Northport Business Center. That side of town also includes the three-building Greenbriar North Business Center, totaling 83,212 sf, and Pine Forest Business Park, 64,802 sf under one roof. The lone asset in the southwestern sector is the seven-building, 143,739-sf Westchase Service Center.
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