HOUSTON - Canadian-based Agellan REIT recently purchased 10900 Corporate Center Drive (Beltway 8 Corporate Center III) and 4920 Westway (Beltway 8 Corporate Center IV) for a total purchase price of $45 million, excluding acquisition costs, representing an implied capitalization rate of 8.47 percent.
The properties have approximately 130,000 sf of gross leasable area (GLA) each.
The properties were constructed in 2006 and are located in the fast growing Techway and Energy Corridor. The properties are leased to six investment grade tenants, with weighted average term to maturity of 4.3 years.
The complex is part of a larger corporate office park which includes the previously acquired 101,000-sf Beltway 8 Corporate Center II for $18.25 million.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.