David Butler with the Houston office of Colliers International tells GlobeSt.com that the property at 8800 Katy Freeway received a handful of offers during the marketing period. The buyer of record, Bluebonnet Dr. LP and Katy 8800 LP, assumed a loan to take over the asset. Butler, though, is standing behind the confidentiality clause and not discussing the financials.
The seller, TA/Hedwig Square Ltd., another local investment group, acquired the property in 1996 and extensively rehabbed it, Butler says. The lead tenant is Memorial Clinical Association, which occupies 20,000 sf or the entire second floor. Butler says the lease roll is stable.
The 3.4-acre property sits in a hot retail spot with Katy Freeway frontage. The freeway is in line for major construction, but Butler says the property can be accessed from three streets so it will still be accessible regardless of a detour.
Butler represented the seller while Bobby Orr and Bobby Rauch, both with Orr Commercial Realty in Houston, negotiated for the buyer, who also used 1031 Exchange capital to make the close on an asset with a $5.3-million assessment by Harris County.
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