Pearlmark Real Estate Partners, a Chicago-based real estate investment firm, with Easton Group, Chuck Cobb, and Jorge Perez have sold 1800 West Loop South in Houston for $68.5 million this week to KBS Strategic Opportunity REIT. The Harris Central Appraisal District previously valued the building at $53.9 million. KBS purchased the property with funds from initial public offering, but said it may later place mortgage debt on the property. Russell Ingrum, Jared Chua, Bernard Branca, Gary Carr and John Alvarado with CBRE represented the seller in the transaction.
"We are pleased to acquire another quality Houston asset," said Jeff Rader, vice president of KBS Capital Advisors. "Houston is among the best performing markets in the country and we believe that strong oil prices, an increasingly diversified local economy, and the lack of new office development will contribute to significant demand over the long haul."
The property, which came to market in September, is a 21-story building located at San Felipe and the 610 feeder road in Houston, Texas. The facility obtained LEED Silver certification in 2008 and has earned the ENERGY STAR every year since 2008. Constructed in 1980 and designed by Morris-Aubry, 1800 West Loop South offers 399,777 square feet of office space with an 11-story double helix parking garage. At acquisition, the building was 88% leased by 40 tenants at the time of sale, according to a CoStar report.
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