Three Clear Lake office buildings bring $10.3MThree Clear Lake office buildings bring $10.3Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=20282015-01-09T08:03:00Z2015-01-09T08:00:00Z

CLEAR LAKE - Whitestone REIT has sold three non-core office buildings for $10.3 million, or a 7.7 percent cap rate on trailing 12-month net operating income (NOI).

The portfolio consists of 

  1. the 37,740-sf Zeta Building at 1020 Bay Area Blvd.;
  2. the 24,900-sf Royal Crest Townhome Offices at 16815 Royal Crest Dr.; and
  3. the 49,760-sf Featherwood at 12727 Featherwood Dr.

The two-story properties were sold because they did not fit Whitestone’s Community Center Properties business model. Whitestone expects to re-invest the proceeds of the sale into the purchase of assets that fit its core strategy.

CoStar Group
Houston-The Woodlands-Sugar Land
http://www.costar.com/News/Article/Whitestone-REIT-Sells-Three-Non-Core-Legacy-Properties-for-$103-Million/167646Read more at {Source}

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