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Oklahoma Investor Packages $10M Office Buy

HOUSTON-After just two years of ownership, Atlanta-based Goddard Investment Group flips 411 N. Sam Houston Pkwy., a class B building that sold for close to its $10.5-million ask to Domain Properties Ltd. of Oklahoma City.

By Jennifer D. Duell | Updated on December 02, 2004

HOUSTON-Oklahoma City-based Domain Properties Ltd. has paid close to the $10.5-million asking price for 411 N. Sam Houston Pkwy. The six-story, 115,222-sf, class B office building was sold by Goddard Investment Group of Atlanta.

“Goddard bought the building two years ago when it was just 30% occupied with plans to do some work on it, lease it up and sell it,” says Danny Miller, senior vice president in Houston for CB Richard Ellis Inc. He represented buyer and seller in the transaction.

Goddard Investment Group did extensive renovations to the property, including building a parking garage. “They bought it to create value and now the new buyers are buying it for the stable cash flow,” Miller explains. “Domain Properties will be a long-term holder.” Currently, the building leases for $16.50 per sf to $17 per sf and houses a variety of small, regional tenants.

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