Industrial complex fetches $14m.
The property was purchased from an institutional seller for approximately $14 million.
Another joint venture partner in the transaction, Insite Partners, will serve as property manager and leasing agent for the industrial complex, which is currently 67 percent occupied.
In the last five years, Northbelt was subjected to historical flooding in the region, which resulted in decreasing occupancies at the park, according to Garfield.
Since that time, the Harris County Flood Control District (HCFCD) received four times the funding it had previously received to address flooding in the region.
"This unusual situation created an opportunity to secure the valuable, well-located property at below market pricing," Garfield said.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Apr 20, 2005|
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