Northstar Buys $15.7 Million Warehouse Near Houston
Article Tools
Latest News
Most Popular Articles
advertisement
Northstar Commercial Partners (NCP), a commercial real estate investment company, has purchased a state-of-the-art warehouse in Sugar Land, Texas for $15.7 million.
The property was acquired as a distressed asset from a private bank, which provided the primary financing for the deal. The distress stemmed in part from current market conditions, according to Northstar. Two short-term tenants provide an income stream to service the debt for the next 15 months while Northstar tries to secure a long-term deal.
Located in the Sugar Land Business Park, the 331,000 sq. ft. warehouse was built in 2007 and is a Class-A distribution center. It has second-story space that brings its total size to more than 369,000 sq. ft.
Bob Berry and Jarret Venghaus of Jones Lang LaSalle represented the seller, Amegy Bank National Association in the transaction. The property will immediately be offered for lease or sale, according to Northstar.
Want to use this article? Click here for options!
© 2010 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Quick Poll
advertisement
NREI Interactive Products
-
Podcast
Commercial Real Estate: Hey, Save a Piece of Stimulus Pie for Me!
Following a year that saw the near meltdown of the banking system, 2010 could shape up to be a better year for investors, though perhaps not as robust as some would wish.
-
Podcast
Is the Recession Over?
Rick Mattoon, senior economist with the Federal Reserve Bank of Chicago, shares the latest numbers from the Fed's National Activity Index that show the economy is experiencing a fairly sharp rebound from the bottom of the Great Recession.
Webinars
2010: The Year of the Sale - Leaseback
This webinar provides brokers, bankers, developers, CFOs and real estate executives with a blueprint for accessing the many facets of the sale-leaseback model.
Blogs
-
Green Shoots
-
BlackSwan
-
Traffic Court
Current Issue
Marketplace Ads
advertisement
advertisement
advertisement
advertisement
