$110 Million Bellaire Sale? West Loop Buildings Changed Hands
Offices at Pin Oak Park
BELLAIRE, Texas – A portfolio of five office buildings totaling approximately 505,000 square feet near Loop 610 in Bellaire has been acquired by Norvin Healthcare Properties, based in New York.
The seller was a joint venture between Investcorp and Griffin Partners of Houston.
Known as the Offices at Pin Oak Park, the properties include buildings at 4710 and 4747 Bellaire Boulevard, as well as 6700, 6750 and 6800 West Loop South in Bellaire.
The purchase price was not disclosed. When the portfolio was marketed last year, it was estimated at about $110 million, according to Real Estate Alert.
Investcorp and Griffin Partners purchased the buildings in 2012 from McCord Development. The late Rick McCord had earlier assembled multiple office properties along Loop 610 in Bellaire.
CBRE brokers Brandy Bellow Spinks and Warren Savery have been retained to manage leasing for the portfolio, which is currently about 93 percent leased.
HFF secured financing for the transaction through Goldman Sachs and Capital One.
