Administaff shares the 96%-leased, two-story building at 4101 N. Interwood Pkwy. with Exel Inc., which leases 12,000 sf. The structure, with an $18.50 per sf quoted rate, is situated on 6.26 acres in the 440-acre master-planned Interwood Office Park.
Locally based Midway Cos. LP developed the property in 2001, selling it in summer 2005 to the NNN Value Fund. Brendan Considine, vice president of acquisitions for the Santa Ana, CA-based investment group, says the building offered a stable income through long-term leases. It also doesn't require any upgrades. Additionally, it's in a city that offers some great market dynamics. Kirk Danley and Eric Tupler of CBRE/Melody arranged financing through LaSalle Bank in Chicago.
"We're excited with the overall demographics of the Greater Houston area," Considine tells GlobeSt.com. "Many areas in the country are experiencing a major downturn, with housing stops and slowing job growth. We're seeing the opposite in Houston."
The Greenspoint submarket continues to be active on the leasing end due. As a result, rent rates continue on the rise and vacancy hovers 5%. According to a recent report, inventory for the submarket stood at a shade more than 10 million sf, with 1.5 million sf vacant. Furthermore, there's not much new product expected to come on line in the near future, which will cause the market to tighten even more.
Considine says Triple Net will continue its focus on property acquisitions in Houston and throughout Texas. The group's preference is office, multifamily and retail investments.
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