Houston's Kirkwood Atrium II traded

Kirkwood Atrium II, an 11-story office building in Houston, Texas, has sold to a New Mexico-based investment company for an undisclosed price.

BGK Group purchased the property free and clear of debt from
KBS Realty Advisors.

Located along Interstate Highway 10 at 11767 Katy Freeway, Kirkwood Atrium II is within Houston's Energy Corridor submarket, which is home to companies including BP America, ExxonMobil Chemical, Shell Oil and ConocoPhillips. The 224,630-square-foot property was 87.8 percent occupied at the time of sale and is connected to a seven-story, 707-space parking garage.

According to a press statement, "Kirkwood Atrium II is in excellent physical condition with no major near-term capital improvements needed and has upside potential through raising in-place rents when nearly 50 percent of the building rolls before 2010."

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