Q2 Report: Office Sales Pretty Steady
Office sales held pretty steady through the quarter, according to Colliers’ Q2 report. 20 transactions closed, averaging $222/SF and a 6.87% cap rate. That’s pretty close to our average over the last few years, Colliers director of research Lisa Bridges tells us. Here are some of the key transactions of the quarter.
• The largest sale of the year was Griffin Capital Essential Asset REIT’s acquisition of Westgate II and III. Transwestern delivered the two facilities (which total 412k SF) in 2014, and Griffin snagged them for $134M, or $325/SF.
• Downtown, LPC Realty Advisors I purchased 801 Travis, a 220k SF building. The price tag was $46M, or $210/SF, not bad for a property built in 1981.
• Nicola Crosby Real Estate Investments bought Mason Creek I in the Katy Freeway submarket. At $39M, the 136k SF property earned $284/SF.
• Hartman Short Term Income Properties XX acquired 400 North Belt from Parkway Properties for $10M. The 234k SF property was built in ’81 and traded at $43/SF.