Built in 1981 at 11500 Northwest Freeway, the office building was remodeled in 1994 and is 89% leased to local tenants. The building leases for $16 per sf to $18 per sf gross.
William J. Carden, American Spectrum president and CEO, tells GlobeSt.com that the company plans to rehab the property. "We're upgrading it to market standards for a B building," he says. American Spectrum's team at its corporate headquarters in Houston will handle management and leasing.
According to Carden, the building offers a prime location right along US Highway 290 in the northwest submarket. "We like the location with its freeway frontage and the identity along the freeway," he says. "We also like the access and the restaurants and shopping." The property also has a parking ratio of four spaces per 1,000 sf.
American Spectrum used a mix of debt and equity to make the acquisition. An institutional lender provided the mortgage, which is securitized, Carden says.
American Spectrum now owns 11 office buildings in Houston and one office building in Austin, totaling about 900,000 sf. Carden says the company has acquired nine office buildings in Houston since 2002. The entire portfolio spans 25 office, industrial, apartment and retail properties with more than 2.2 million sf in Arizona, California, the Midwest, South Carolina and Texas.
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