HOUSTON–Armando Montelongo Companies, Inc., has purchased Northchase Place, a 75,000 square foot class B office building located at 13700 Veterans Memorial in Houston. The new asset increases the company's commercial real estate portfolio to 160,000 total square feet.
Montelongo Companies identified Northchase Place as a value-add property within the commercial real estate sector, purchasing the asset for $26 per square foot. Armando Montelongo, CEO/founder of Armando Montelongo Companies, is one of America's most successful residential investors, buying and renovating residential properties as profitable investments. He has recently expanded his focus to identify commercial properties that are strategically positioned for generational wealth creation.
“Commercial real estate is greatly undervalued in Houston which currently allows for some of the best buys per square foot in the country,” said Montelongo. “Not only did we purchase the property at a great value, we also believe that the Northchase is a high quality asset with a diverse tenant mix that will continue to attract quality companies for the long-term.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
