NewQuest Brokers Sale of 60,000-SF Office Building
March 8, 2023
HOUSTON – A Southern California-based hospitality company has sold a nearly vacant 60,000-sf office building along Beltway 8 in Houston’s Greenspoint submarket to the operator of a bilingual school.
The six-story structure at 11947 North Freeway is situated on 2.38 acres at a hard corner of Interstate 45 and Beltway 8/North Sam Houston Tollway in Houston proper. John Nguyen, vice president of NewQuest Properties, represented the seller, Contender Two LLC, which has backpedaled on plans to relocate its headquarters to Houston. The asset was 29.5% occupied at sale time.
“Despite the low occupancy, the office building commanded market price because of its billboard location at two intersecting freeways,” Nguyen says.
The buyer, Fidencio Macias, has made the close with 24-month seller financing. Albi Neziri of Texas Advantage Realty represented the buyer.
“The seller had no debt on the property so he was able to entertain creative owner financing to get the deal closed. That will give the educational provider ample time to secure funding,” Nguyen explains.
Fidencio Macias is planning to occupy the lion’s share of the office space and offer the balance for multi-tenant use. The new owner also is eyeing a major renovation of the property.
The structure is situated in a five-mile trade area with a population hovering 394,000, of which 57% are Latino. Adding to the dynamics of the location, IAH Bush Airport is close by as are corporate facilities for a host of major international companies and 53.3 million sf of industrial space.
“There is high demand in the Greenspoint submarket for a bilingual school,” Nguyen says. “It ultimately was the highest and best use for this property long term, which is why we got the deal done at market price.”
SOUTH TEXAS LEASE
Dirty Dough has leased 1,047 sf of retail space in Shops at Spring Town Center, located at the intersection of FM 2920 and Kuykendahl Road, Spring, from NewQuest Properties. Lara Lee LaMendola and Kevin Sims of NewQuest Properties represented the landlord. Adriana Shaw of Colliers International represented the tenant.