HOUSTON - Agellan Commercial Real Estate Investment Trust acquired 11000 Corporate Center Dr. The Beltway 8 Corporate Centre II traded for $18.25 million excluding acquisition costs, representing an implied capitalization rate of 8.16 percent.
The property is a two-story commercial office facility located in the fast growing Techway and Energy Corridor. The property has approximately 101,000 sf of gross leasable area, and is 100 percent occupied by three tenants.
Constructed in 2003, the building is part of a larger corporate office park. The lead tenant, National Oilwell Varco, will occupy approximately 75 percent of the property until 2020.
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