Dornin acquires Columbia Centre in Houston

HOUSTON – Dornin Investment Group has acquired Columbia Centre, a 166,720-sf, Class B+, nine-story office building and structured parking garage situated on approximately 4.05 acres in Houston’s Westchase District.

Located at 11011 Richmond Ave., the building and the parking garage were completed in 1983.

In-place rents are approximately 34 percent below market, and 92 percent of the rent roll expires within the first five years of the holding period, allowing for immediate NOI growth.

“The property was 93 percent occupied at the time of acquisition with no tenant exceeding 12 percent of the building, so we felt extremely comfortable with the risk profile and ability to push rents,” said Dornin, president and CEO of Dornin Investment Group.

Source: Globe St.
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