HOUSTON--HFF has closed the sale of Cypress Business Center, a 103,979-square-foot flex distribution facility in Houston.
HFF marketed the property on behalf of the seller, Cypressbrook Co. Industry Capital, on behalf of an affiliated fund, purchased the center for an undisclosed amount free and clear of existing debt.
Cypress Business Center is located off Interstate 45 and Cypress Creek Parkway (FM 1960) at 301-305 Wells Fargo Drive in North Houston, approximately 12 miles from George Bush Intercontinental Airport. The property is 74 percent leased to AutoZone, DKNXT, DynaQual, Charis Bible College, Premiere Safeguard and Speedy Printing & Office Supplies.
The HFF investment sales team was led by senior managing director Rusty Tamlyn and real estate analyst John Indelli.
“We had a nice run with this asset and were very pleased with Industry Capital's execution on this sell,” Cypressbrook managing partner Michael Novelli says. “They had a thoughtful and thorough due diligence team that closed the deal in less than a month after going under contract. We wish them all the best with the project.”
Reps with HFF were unable to respond to a request for more details by press time.
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