Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a four-building medical office park located at 4701 Farm to Market 2920 in Spring, Texas. Combined, the properties total 20,191 square feet, and at the time of sale, the complex was 83 percent leased. Evan Altemus of Northmarq represented the seller, a Texas-based developer. The property was purchased by an individual investor from Houston, Texas for an undisclosed price.
“Investment demand for Houston multi-tenant properties continues to be high with both Texas-based investors and also national investors due to the continued population and business growth,” said Altemus, Associate Director in Northmarq’s Dallas, Texas office. “Competitive offers were received from both in-state and out-of-state investors, and this asset was unique because of its high-quality construction and ability for an owner to easily divide each building into a variety of different floorplans.”
The complex was built in 2015 and 2016 and is situated on 1.9 acres in a northern suburb of Houston, Texas. All tenants operate on triple net leases.
“The strong leasing activity in the Spring, Texas area, especially post-COVID, was appealing to investors, as local rents have grown at least 15 percent over the last 12 to 18 months,” Altemus added. “The complex has seen the strongest demand from medical tenants, but retail tenants also had interest in the property, as they search for lower rents than can be found in the area’s power centers. This made the asset even more appealing to buyers.”