Mexican Company Acquires Prime Houston Office Building
GE Oil & Gas occupies a northwest Houston industrial building.
HOUSTON – GBP Properties, a Monterrey, Mexico–based real estate investment firm, has purchased a 30,000-square-foot industrial building leased to GE Oil & Gas.
The asset, located at 11150 Equity Drive in Westway Park, sits just off Beltway 8 north of Clay Road in northwest Houston. GE Oil & Gas has been the building’s tenant for five years.
CBRE brokers Tom Lynch and Mark Redlingshafer represented the Houston-based seller, Investment & Development Ventures, LLC, in the transaction.
“This investment drew considerable interest from local, regional and national private buyers because of its irreplaceable location, convenient access to Beltway 8 and a tenant with strong credit,” said Tom Lynch, Executive Vice President at CBRE.
CBRE research shows robust demand for industrial space in Houston’s northwest and southeast submarkets. Those two areas accounted for more than half of net absorption in the first quarter of 2018. Overall vacancy in the Houston industrial market has tightened to 5.2 percent, the lowest level in over a year.
“There is an abundance of capital chasing well-located industrial assets with reliable tenants, and we expect strong appetite for Houston industrial product to continue,” said CBRE broker Mark Redlingshafer.
