The buyer of the asset, Southern California-based Pomeroy Family Trust, was represented by Sky Pulford of ReMax International in Houston. Parkway Medical, built in 1972 at 150 W. Parker Rd., was approximately 70% leased at the time of closing.
According to Zaya Younan, CEO and chairman of the Woodland Hills, CA-based firm, Parkway Medical's sale is part of an overall effort to acquire quality assets in the recovering Houston market. "We purchased four B properties in Houston several years ago. Then when we decided to go public, we made the decision to recycle the property," Younan tells GlobeSt.com. To date, he's sold three class B buildings, all off market, and has one remaining, a 70,000-sf office building at 800 Wilcrest Dr. in Westchase, which is not yet on the market.
Younan is now moving toward a goal to own two million sf of class A buildings in the Houston metro within six months. As of now, he says, nothing is under contract or under consideration.
"Houston is an important market," Younan says. "The market has stabilized and is going forward and I think we'll see a lot of positive absorption and higher rental rates for the buildings. We want to establish ourselves there before it happens."
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