Cypress Creek sells in Houston

Office/industrial space will be converted to single use

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A 487,591-square-foot office park in Houston, Texas, has recently sold to an upstate buyer for an undisclosed amount. A private entity based in Dallas purchased Center at Cypress Creek from a Houston-based partnership, and it "plans to implement a number of major renovations and capital improvements to the property," according to Ross Cannizaro, a principal at Marcus & Millichap, the brokerage that handled the deal. Located 20466 Compaq Center Drive, the 44.5-acre complex includes two multitenanted office assets and one industrial flex building, which the new owner plans on converting to an office building. Cannizaro added that after the renovations are completed the vacant space will be leased at "market rents." ...