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These Were The 10 Biggest CRE Sales In Houston During Q3

Houston's commercial real estate market experienced a lackluster third quarter in 2020, lagging slightly further behind the below-average performance of the industry during the second quarter, according to CoStar Advisory Services.

About $1.2B traded in Houston during the third quarter to date, a mere 31% of the average volume ($3.9B) for the same period between 2015 and 2019, CoStar found. In comparison, Q3 2019 to date had roughly $6B in sales activity.

That was worse than in Q2, when $1.7B traded in Houston to date, only 34.4% of the average volume of $4.9B for the same quarter. The figures indicate that both Q2 and Q3 are on a similar slower pace relative to historical performance.

Here is a roundup of the 10 largest commercial real estate sales transactions by price done during the third quarter of 2020, according to research by CoStar.

One Westchase Center at 10777 Westheimer Road in Houston.

1. One Westchase Center

Sale Price: $60.5M

Property Type: Office

Rentable Building Area: 466K SF

Submarket: Westchase

Nitya Capital purchased One Westchase Center on Aug. 26. The sale of the 466K SF building followed the transfer of a $47M floating-rate loan secured by the property to special servicer LNR Partners in July. At the time of the transfer, ownership of the property appeared to still be in the hands of the sponsor of securitization, Investcorp US Real Estate LLC.

The Broadstone Park West multifamily complex in Houston.

2. Broadstone Park West

Sale Price: $51M

Property Type: Multifamily

Rentable Building Area: 343.6K SF

Submarket: Katy Freeway West

BSR Real Estate Investment Trust purchased Broadstone Park West on July 30 from Starlight Investments. The 370-unit, garden-style apartment community was constructed in 2014. The transaction brings the REIT’s total holdings in Houston’s MSA to 2,332 apartment units, according to the sales announcement in July.

The Pines at Woodcreek Apartments in Humble.

3. The Pines At Woodcreek

Sale Price: $39.8M

Property Type: Multifamily

Rentable Building Area: 271K SF

Submarket: Kingwood/Humble

Avid Realty Partners and Electra Capital teamed up in July to buy The Pines at Woodcreek Apartments, a 330-unit community in Humble. Electra Capital invested $12.2M of preferred equity into the deal, while Avid Realty Partners worked with Acuity Partners to invest $4.1M of common equity into the deal. 

363 North Belt in North Houston.

4. 363 North Belt

Sale Price: $15.2M

Property Type: Office

Rentable Building Area: 386.3K SF

Submarket: Greenspoint/North Belt West purchased 363 North Belt on Aug. 24 from Manny Khoshbin, a private investor and founder of The Khoshbin Co. Boca Raton, Florida-based intends to relocate its headquarters to Houston. 363 North Belt was renovated in 2012 and features a seven-level connected parking structure, as well as a fitness center, conference facility, restaurant/deli and 24-hour security.

The Walgreens at 4530 FM 1960 Road in Houston.

5. 4530 FM 1960 Road (Walgreens)

Sale Price: $10M

Property Type: Retail

Rentable Building Area: 15K SF

Submarket: FM 1960/Champions 

Astor Properties Group purchased 4530 FM 1960 Road on July 28 from Swanson Development Group. The single-tenant property, situated on a 1.54-acre corner parcel, is occupied by Walgreens Co. and was built in 2014. Walgreens last year signed a new 15-year lease on the property, which will expire in 2034.

20303 FM 529 Road in Cypress, Houston.

6. 20303 FM 529 Road

Sale Price: $10M

Property Type: Retail

Rentable Building Area: 8.4K SF

Submarket: Cypress

SAZ Alliances Inc. purchased 20303 FM 529 Road on Aug. 13 from United Equities. The free-standing property is shadow-anchored by a newly constructed Fiesta Mart, and it has multiple food and service tenants.

Pelican Park Offices in Tomball.

7. Pelican Park Offices

Sale Price: $5.25M

Property Type: Office

Rentable Building Area: 25.7K SF

Submarket: Tomball

12620 Matteson LLC purchased Pelican Park Offices on Aug. 11 from developer Foundation Homes LLC. The newly constructed portfolio consists of eight buildings.

8. 11702 Grant Road

Sale Price: $5.1M

Property Type: Retail

Rentable Building Area: 5.4K SF

Submarket: Cypress

Lakewood Cypress Holdings LLC purchased 11702 Grant Road on Aug. 18 from Mei Hsu Acquisition. The property was built in 1984.

9. 22211 Kuykendahl Road

Sale Price: $5M

Property Type: Retail

Rentable Building Area: 14K SF

Submarket: Spring

Ma Premier Properties LLC purchased the property, a gas station just north of the Grand Parkway, on Aug. 24.

10. Old Spanish Trail Plaza

Sale Price: $4.6M

Property Type: Retail

Rentable Building Area: 19K SF

Submarket: Texas Medical Center

Old Spanish Trail Plaza, at 3922-3936 Old Spanish Trail, is a Class-C retail center built in 1950 and renovated in 2018, according to LoopNet. It sold to 3922 OST LLC on Aug. 14.