{"id":1004706981,"date":"2024-03-20T06:23:45","date_gmt":"2024-03-20T14:23:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004706981"},"modified":"2024-03-20T06:23:46","modified_gmt":"2024-03-20T14:23:46","slug":"fracht-group-acquires-houston-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/","title":{"rendered":"Fracht Group Acquires Houston Office Asset"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d217dec200&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1387\" height=\"1040\" data-attachment-id=\"1004706982\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/16701greenspointpark\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg\" data-orig-size=\"1387,1040\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"16701GreenspointPark\" data-image-description=\"&lt;p&gt;The office campus at 16701 Greenspoint Park Drive in Houston.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Intercontinental Park III is part of a three-building campus totaling some 357,000 square feet. Image courtesy of Colliers&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg\" alt=\"The office campus at 16701 Greenspoint Park Drive in Houston.\" class=\"wp-image-1004706982\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg 1387w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1387px) 100vw, 1387px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Intercontinental Park III is part of a three-building campus totaling some 357,000 square feet. <em>Image courtesy of Colliers<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Greenspoint Property Management has sold Intercontinental Park III, an 89,820-square-foot office building in Houston. Fracht Group acquired the asset, according to CommercialEdge data. <\/p>\n\n\n\n<p>Colliers Principal David Carter represented the seller, while Caldwell Cos. Senior Vice President Bill Ginder worked on behalf of the buyer.<\/p>\n\n\n\n<p>The property previously traded in March 2021 in a portfolio transaction, when Greenspoint purchased it from Lincoln Property Co., the same source shows.<\/p>\n\n\n\n<p>Dating back to 1983, the three-story building features 30,000-square-foot average floorplates, two passenger elevators and more than 260 parking spaces. Amenities at the almost 4-acre property include a three-story atrium lobby with a centered skylight. The facility is also part of a three-building campus dubbed Intercontinental Park measuring about 357,000 square feet.<\/p>\n\n\n\n<p>Located at 16701 Greenspoint Park Drive, the building is 9 miles from George Bush Intercontinental Airport and within 15 miles of downtown Houston. The property is also within walking distance of 16666 Northchase Drive, <a href=\"https:\/\/www.commercialsearch.com\/news\/geosam-capital-sells-houston-office-asset\/\">a 147,135-square-foot office building<\/a> that traded last year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-houston-s-office-sector-still-struggles\">Houston&#8217;s office sector still struggles<\/h2>\n\n\n\n<p>Houston\u2019s January office vacancy rate clocked in at 24.3 percent, 170 basis points lower year-over-year, but still considerably higher than the 18 percent national average, the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/office-asset-values-dive-amid-challenges\/\">CommercialEdge office report<\/a> shows. Assets in the metro during the same month changed hands for an average of $137 per square foot, compared to the national average of $195.<\/p>\n\n\n\n<p>In January, HTZ Investments sold The Westchester,<a href=\"https:\/\/www.commercialsearch.com\/news\/htz-investments-sells-houston-office-asset\/\"> a 117,261-square-foot office building<\/a>. Mission Cos. acquired the asset with the help of a $22.9 million CMBS loan originated by Morgan Stanley.<\/p>\n\n\n\n<p>Novel Office purchased 3555 Timmons, <a href=\"https:\/\/www.commercialsearch.com\/news\/htz-investments-sells-houston-office-asset\/\">a 225,895-square-foot office property<\/a> around the same time. The new owners plans to implement several upgrades, including lobby renovations and new speculative suites.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The almost 90,000-square-foot building previously traded in 2021.<\/p>\n","protected":false},"author":3355,"featured_media":1004706982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21783,21742,21747,51973],"tags":[35498],"class_list":["post-1004706981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-investment","category-latest","category-office","category-southwest","tag-colliers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fracht Group Acquires Houston Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Greenspoint Property Management has sold Intercontinental Park III, an 89,820-square-foot office building in Houston.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fracht Group Acquires Houston Office Asset\" \/>\n<meta property=\"og:description\" content=\"Greenspoint Property Management has sold Intercontinental Park III, an 89,820-square-foot office building in Houston.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T14:23:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-20T14:23:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1387\" \/>\n\t<meta property=\"og:image:height\" content=\"1040\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/\",\"name\":\"Fracht Group Acquires Houston Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg\",\"datePublished\":\"2024-03-20T14:23:45+00:00\",\"dateModified\":\"2024-03-20T14:23:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Greenspoint Property Management has sold Intercontinental Park III, an 89,820-square-foot office building in Houston.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fracht-group-acquires-houston-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/16701GreenspointPark.jpg\",\"width\":1387,\"height\":1040,\"caption\":\"Intercontinental Park III is part of a three-building campus totaling some 357,000 square feet. 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