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Class B Office Building Garners $6M

HOUSTON-American Spectrum Realty Inc. gets an 81,587-sf structure at 11500 Northwest Freeway from Boxer Property Management Corp. The $5.9-million acquisition, now 89% leased, will be rehabbed.

By Jennifer D. Duell | Updated on October 26, 2004

HOUSTON-American Spectrum Realty Inc. has expanded its South Texas portfolio with the acquisition of a six-story, class B office building along the Northwest Freeway. The publicly traded company purchased the 81,587-sf building for $5.9 million from locally based Boxer Property Management Corp.

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.

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