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1/26/16
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TriGate Capital has purchased Northbelt Office Center II, a 124k sf office property in Houston. The asset was sold by C-III Asset Management, a special servicer that took control of the property via foreclosure in April 2014.
The two-story building is currently 68 percent occupied by five tenants, although one tenant will vacate in mid-2016, moving occupancy to 48 percent. It is located at 785 Greens Pkwy, west of I-45 and north of Sam Houston Tollway.
TriGate’s purchase is consistent with its strategy of buying high-quality properties at a discount to replacement cost and peak value. The property itself represents one of the most attractive options for large tenants in the Houston market given its strategic central location, seven spaces per 1,000 square feet parking ratio, low operating costs and efficient floorplates. TriGate has already invested capital to reposition the building, including exterior and interior renovations.
TriGate purchased the property without an operating partner and has hired Transwestern for third-party leasing and management services.
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