Houston's Parkview complex purchased

KBS Realty Advisors this week closed on the sale of a 176,471-square-foot office complex on the west side of Houston, Texas, for an undisclosed price.

A Greenwich, Conn.-based private capital investor purchased the property, Parkview I and II, free and clear of debt, according to a press statement. It is the company's first purchase in the city.

Situated on 8.3 acres, Parkview I and II are located at 330 Barker Cypress and 333 Cypress Run south of Interstate Highway 10. The three and four-story office properties were fully leased at the time of sale.

According to Dan Miller, senior managing director of Holliday Fenoglio Fowler L.P., the brokerage the represented KBS, "Parkview I is a single-tenant building leased to Alliance Engineering, a subsidiary of the Wood Group, on a long-term net lease, and Parkview II is leased to seven tenants with minimal near-term rollover, which made the deal very attractive to a number of investors looking for a low-risk opportunity to acquire assets in the popular Energy Corridor submarket," said Miller.

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