Pineway Business Center, Houston

April 19, 2017 Comments Off on California Seller Ends 10-Year Hold on Industrial Assets Views: 345 Houston-Galveston, Texas News

California Seller Ends 10-Year Hold on Industrial Assets

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Affiliates of Koll Co. of Irvine, CA sold four Houston industrial buildings totaling 116,950 square feet to Magacenter KP Pineway LLC for an undisclosed price. Koll Co. had acquired the assets, with nine others, from Invesco Realty Advisors in 2007.

NAI Partners’ John Ferruzzo and Joshua Lass-Sughrue represented KP Pineway LLC in brokering the sale of 54,740 square feet at 13230 & 13240 Hempstead Way in Pineway Business Park. The broker duo also represented KP Westway LLC in the sale of 62,210 square feet at 10700 Hammerly Blvd & 2313 West Sam Houston Parkway North in Westway Business Park

Per Ferruzzo and Lass-Sughrue, “the properties sold in the low 7% cap rate range and had multiple offers.” Rob Allub of NB Elite Realty represented the portfolio’s buyer.

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