One Park 10 Plaza is located in the 550-acre Park Ten Office Park on the north side of Interstate 10 between Highway 6 and Barker Cypress Road. The eight-story building is situated on 3.2 acres at 16225 Park Ten Place.

Built in 1982, the property is 93.7 percent leased to tenants including GGS Spectrum Inc. and J. Connor Consulting. The property also includes a four-level, 560-space parking garage.

Miami-based Beacon Investment Properties assumed an $8.7 million CMBS first mortgage, and Parkway Properties also is providing a $1.5 million seller financed loan, which bears interest at 7.25 percent with interest-only payments maturing on June 1, 2012. The seller recognized a gain of about $8.6 million.

One Park 10 Plaza was only on the market for 30 days, but the CMBS loan assumption took more than six months, according to Dan Miller, a senior managing director in HFF's location. He led the investment sales team, which included real estate analyst Trent Agnew, for Parkway Properties.

"The building received a lot of interest because it has always maintained a very high occupancy," Miller says. "One Park 10 Plaza is also one of the nicest buildings in the submarket."

Miller tells GlobeSt that Beacon Investment Properties was one of eight potential buyers. "Beacon was one of the highest bidders, but they also had a high level of credibility since we had sold properties to them in the past," he notes, adding that the firm has been a very active buyer in Houston, acquiring close to 500,000 square feet of office product over the past two years.

Parkway Properties purchased the building in 1996 and sold the building as part of an ongoing asset recycling program aimed at transitioning its portfolio into larger, newer assets, according to the company's President and CEO Steven Rogers.