Search
 

474,145-SF Office/Warehouse Portfolio Brings $13M

HOUSTON-After a five-year hold, Insite Realty repackages the ownership for an 18-building package in North Houston. The deal creates a new partnership with Dallas-based Westmount Realty, drawing a one-time owner back to town after a 10-year hiatus.

By Jennifer D. Duell | Updated on February 25, 2005

HOUSTON-The five-year owner of an 18-building industrial portfolio has formed a new partnership for an “arm’s length” sale, picking up a new equity player who’s returning to the local market after a 10-year hiatus. At the end of the day, the 474,145-sf North Belt Industrial portfolio sold for $13 million.

About five years ago, Insite Realty of Houston, the portfolio’s leasing and property manager, formed a partnership with the Minneapolis-based Cargill Inc. to buy the mix of 1970s-era properties, situated on 30 acres at the intersection of Beltway 8 and the Hardy Toll Road in the city’s northern sector. Kris Van Norman, an Insite principal, tells GlobeSt.com that the latest sale was closed by a newly created partnership in a first-time teaming with Dallas-based Westmount Realty Capital LLC. “It’s an arm’s length sale,” he says of the 74%-leased, class B package. “The operational side of the property will be the same.”

Clifford Booth, Westmount’s president, says the deal closed at nearly 20% less than the $16-million ask. “There was less competition for this portfolio because it’s not bulk-distribution space,” he says. The Dallas office of Holliday Fenoglio Fowler LP arranged acquisition financing through GE Capital Corp.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.