Armando Montelongo's real estate company, Armando Montelongo Companies Inc., announced this month that it had purchased the Northchase Place office building in the Cypress Creek area in northwest Houston. The sales price works out to about $2 million, or $26 per square foot, for the Class B 75,000-square-foot building. According to a CultureMap Houston article, Khoshbin Torrey Chase LLC of Irvine, California, sold the space at a significantly lower price than its 2013 appraised value of $2.7 million.
"Commercial real estate is greatly undervalued in Houston, which currently allows for some of the best buys per square foot in the country," said Armando Montelongo. "Not only did we purchase the property at a great value, we also believe that the Northchase is a high-quality asset with a diverse tenant mix that will continue to attract quality companies for the long term."
For more news and information visit Blumberg Capital Partners.
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