TriGate Capital purchased Northbelt Office Center II at I-45 and Sam Houston Tollway. The two-story, 124k SF building is 68% occupied but has a tenant rolling out this year that'll drop occupancy to 48%.
The seller was C-III Asset Management, which took control of the property in a foreclosure in April 2014.
TriGate, which specializes in buying properties at discount to replacement, has already invested capital to reposition the building, including exterior and interior renovations. It sees the property as a great option for large tenants because of its central location near major highways, 7:1,000 parking ratio, low operating costs and efficient floor plates. The company hired Transwestern's Michelle Wogan and team to lease and manage the building. Michelle tells us that with Trigate as the new owner, the building will be in excellent condition for tenants to take advantage of a first-class environment with competitive pricing.
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