GlobeSt.com EXCLUSIVE: Off-Market Sale Hooks Class A Buildings

HOUSTON-Rainier Capital Management LP, a tenant-in-common investment group based in Dallas, has bought Northbelt Office Center III and IV in an off-market transaction with Dallas-based developer Myers & Crow Co. Ltd. The two-year-old office buildings contain 107,200 sf of class A space.

J. Kenneth Dunn, president of Rainier Capital, says the buildings, located at 600 and 700 N. Sam Houston Parkway, traded in the range of $10 million to $20 million. According to the Harris County Appraisal District, the buildings are assessed at nearly $6 million.

The office buildings are situated on 10.4 acres along Beltway 8 in the Greenspoint submarket. Northbelt Office Center III is an ell-shaped building with 55,700 sf. It is fully occupied by the United States Postal Service. Northbelt Office Center IV, also an ell-shaped, totals 51,500 sf. The Blue Bell, PA-based Unisys Corp. leases more than half of the structure, with the balance of the space still in shell shape.