Off-Market Deal Snags 136,254 SF of Office

THE WOODLANDS, TX-A Houston-based investment group has bought again in the submarket, this time getting two class A buildings totaling 136,154 sf. Specific financial details of the off-market transaction were not released, but similar low-rise office buildings can trade for $7 million to $9 million.

The buildings, situated at 8665 New Trails Dr. and 2700 Research Forest Dr., weren’t too far from buyer Creekstone Partners’ first Woodlands office acquisition at 8401 New Trails Dr.: a 71,000-sf office building bought during the middle of 2006. “All of these buildings are within a mile radius of each other. They’re all very similar in design and structure,” says Michael Preston, president of Creekstone Partners.

Preston says his company was approached directly by the seller, Woodlands Development Corp., about the possible acquisition. Creekstone was amenable because of its positive experience with its first purchase in the Woodlands. “We loved the assets. We like the Woodlands and that’s how we had the opportunity to grab onto these two,” he says.