Adams O'Connell Inc. bought 8017 Pinemont Dr. from Hempstead D.C. Partners Ltd. of Washington, DC. The property, built in 1999, was "pretty close to the asking price" of $5.1 million, according to John Feruzzo with NAI Houston who, with Joel Michael, represented the buyer in the transaction. The sellers represented themselves in the sale of the 100%-leased building.
"This was on the market for awhile. And it was a tricky transaction because the buyers had to assume a loan that was already in place," Feruzzo says.
Feruzzo tells GlobeSt.com that Adams O'Connell purchased the property both for its income stream and because it was part of a 1031 exchange from a property in California. "They can't get the same cap rates in California that they do here in Texas," he adds.
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