PS Business Parks, Inc., a self-advised and self-managed equity REIT, sold Westchase Corporate Park in Houston, Texas for $9.8 million to a joint venture according to a Houston Business Journal article. The JV, AF Westchase LLC, is led by Adler Real Estate Fund and TriGate Capital. Adler Real Estate Fund is a discretionary fund managed by Adler Group, a Florida-based commercial real estate firm, and TriGate Capital is a national real estate private equity firm based in Dallas. PS Business Parks was represented by the Houston and Dallas offices of CB Richard Ellis in the transaction while the AF Westchase was represented by Matthew L. Adler, Chief Investment Officer of Adler Group and Jeffrey Yarckin, Managing Member of TriGate Capital.
Westchase Corporate Park, located at 11201 Richmond Ave. in the Westchase District, is a 176,977 square-foot business complex comprised of small bay offices and flex buildings. The district is home to the global headquarters for Honeywell and Western Geophysical, and other high-profile tenants including Men's Warehouse, MI Swaco, BMC Software, American Express, GE Capital and JP Morgan Chase.
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