Grubb & Ellis Realty Investors L.L.C. has purchased Oak Park Office Center III, a 151,000-square-foot office building in Houston\u2019s Westchase submarket, in a $34 million deal with Realty Associates Oak Park III L.P.The property with an approximately 151,000 square feet, is located within Oak Park at Westchase, a 225-acre master-planned office park.\u00a0 Situated on more than 11 acres, the building is adjacent Sam Houston Parkway.\u00a0 The building features a two-story atrium complete with marble walls, wood accents, and both cove and pendant lighting.\u00a0 Additionally, it has open floor plans, card key access, two electric vehicle fueling stations and security cameras at all entries.\u00a0 The property offers ample parking with 855 spaces, an overall ratio of 5.7 spaces per 1,000 rentable square feet.\u00a0 It is located 30 minutes from both of Houston\u2019s major airports and 10 minutes from the Houston Galleria. \u00a0\u201cOak Park Office Center III is a brand new facility situated in a location that offers high visibility for its tenant,\u201d Jeff Hanson, president and chief investment officer of Grubb & Ellis said in a release.\u00a0 \u201cThe property is an excellent addition to Grubb & Ellis Realty Investors\u2019 portfolio of assets under management.\u201d\u00a0 \u00a0Jacobs Engineering Group Inc. is the sole occupant of Oak Park Office Center III and operates the building under a long-term triple net lease.\u00a0\u00a0 Holliday Fenoglio Fowler L.P senior managing directors Robert Williamson and Jeff Hollinden and associate director Barbara Guffey–all with HFF’s Houston office–led the sales team on behalf of the seller.According to Grubb & Ellis Company\u2019s most recent Office Market Trends Houston report, overall full-service asking rents continued their upward trek and increased across the board, rising by $0.31 to $26.44 per square foot per year.\u00a0 Class A asking rents within Houston\u2019s CBD now stand at $39.29 per square foot per year as Class A vacancy still remains low at 6.8 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"
Grubb & Ellis Realty Investors L.L.C. has purchased Oak Park Office Center III, a 151,000-square-foot office building in Houston\u2019s Westchase submarket, in a $34 million deal with Realty Associates Oak Park III L.P.The property with an approximately 151,000 square feet, is located within Oak Park at Westchase, a 225-acre master-planned office park.\u00a0 Situated on more…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1003889109","post","type-post","status-publish","format-standard","hentry","category-regions"],"acf":[],"yoast_head":"\n