HOUSTON–TriGate Capital has purchased Northbelt Office Center II, located at 785 Greens Parkway in Houston.
The office building 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 totals 124,000 square feet and is currently 68 percent occupied by five tenants, although one tenant will vacate in mid-2016, moving occupancy to 48 percent.
“This asset is very unique in the market with a very high parking ratio, secured parking, attractive common areas, on-site security located in a deed restricted park offering large floor plates to accommodate those dense users,” Michelle Wigan, executive vice president, told GlobeSt.com. “With Trigate as the new owner, the building will now be in excellent condition for tenants to take advantage of a first class environment with competitive pricing.”
TriGate’s purchase is consistent with its strategy of buying high-quality properties at a discount to replacement cost and peak value, says the company. The property itself represents one of the most attractive options for large tenants in the Houston market given its strategic central location at the intersection of Interstate 45 and Sam Houston Tollway, 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.