Class B Kirkwood Atrium trades in Houston Energy Corridor Class B Kirkwood Atrium trades in Houston Energy Corridor https://www.recenter.tamu.edu/news/newstalk-texas/?Item=35092014-07-27T22:09:00Z2014-07-28T00:00:00Z

HOUSTON - Kirkwood Atrium Office Park, two Class B, multitenant office buildings, has been acquired by Dornin Investment Group. The four and five story buildings contain 54,319 sf and 68,396 sf respectively for a total of approximately 122,715 rentable sf.

The property is located at 11777 Katy Fwy. on the south side of I-10 in the Energy Corridor. Completed in 1979, the property is situated on 3.73 acres and includes a surface parking lot containing 360 spaces, of which 56 spaces are covered reserved.

The buildings were 83 percent occupied at the time of sale which provides immediate upside potential through the lease-up of vacant space. In addition, average in-place rents for Kirkwood Atrium Office Park are approximately $17.75 per sf while average rental rates for Class B buildings in this submarket are over $25.00 per sf.

“Within a week of closing we have already increased the occupancy to 88 percent at rents significantly greater than the average in place rents,” said Chris Dornin, CEO of Dornin Investment Group

The buildings were purchased in an off-market transaction. This is Dornin Group’s third off-market office acquisition in Houston in the last nine months.

Houston-The Woodlands-Sugar Land
http://www.globest.com/news/12_908/houston/multifamily/Energy-Corridor-Office-Duo-Trades-348608.htmlRead more at {Source}

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