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Greenspoint Property Management has sold Intercontinental Park III, an 89,820-square-foot office building in Houston. Fracht Group acquired the asset, according to CommercialEdge data.
Colliers Principal David Carter represented the seller, while Caldwell Cos. Senior Vice President Bill Ginder worked on behalf of the buyer.
The property previously traded in March 2021 in a portfolio transaction, when Greenspoint purchased it from Lincoln Property Co., the same source shows.
Dating back to 1983, the three-story building features 30,000-square-foot average floorplates, two passenger elevators and more than 260 parking spaces. Amenities at the almost 4-acre property include a three-story atrium lobby with a centered skylight. The facility is also part of a three-building campus dubbed Intercontinental Park measuring about 357,000 square feet.
Located at 16701 Greenspoint Park Drive, the building is 9 miles from George Bush Intercontinental Airport and within 15 miles of downtown Houston. The property is also within walking distance of 16666 Northchase Drive, a 147,135-square-foot office building that traded last year.
Houston’s office sector still struggles
Houston’s January office vacancy rate clocked in at 24.3 percent, 170 basis points lower year-over-year, but still considerably higher than the 18 percent national average, the latest CommercialEdge office report shows. Assets in the metro during the same month changed hands for an average of $137 per square foot, compared to the national average of $195.
In January, HTZ Investments sold The Westchester, a 117,261-square-foot office building. Mission Cos. acquired the asset with the help of a $22.9 million CMBS loan originated by Morgan Stanley.
Novel Office purchased 3555 Timmons, a 225,895-square-foot office property around the same time. The new owners plans to implement several upgrades, including lobby renovations and new speculative suites.
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