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1M-SF Alamo Crossing Up for Sale

HOUSTON-CB Richard Ellis Investors hangs a "for sale" sign on the four-building Alamo Crossing Commerce Center, a 43%-leased, class A industrial development distribution in the northwest submarket. The portfolio's estimated value is $42 million based on $42 per sf for comparabable properties.

By Jennifer D. Duell | Updated on October 29, 2004

HOUSTON-Los Angeles-based CBRE Investors has brought one million sf of class A industrial space to market. The northwest submarket foothold, Alamo Crossing Commerce Center, is valued at roughly $42 million, based on $2 per sf for comparable properties.

“This portfolio offers immediate upside potential,” says Jack Fraker, an executive vice president in Dallas for CB Richard Ellis Inc. “This is a very good replacement cost play.” The CBRE sales team includes senior vice president Randy Baird and first vice president John Robinson.

Still in its initial lease-up stage, Alamo Crossing Commerce Center is just 43% filled. CB Richard Ellis Strategic Partners developed the project, and Trammell Crow Co.’s Houston office took over leasing in late 2002.

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