Holloway Lodging Buys 3 Vacant Houston Office Buildings

The assets changed hands for a combined $13.2 million. BH Properties sold two buildings totaling some 235,000 square feet, while Stream Realty Partners traded a 198,000-square-foot property.
222 Benmar Drive. Image courtesy of Yardi Matrix

Holloway Lodging Corp. has acquired three office properties in Houston for a combined $13.2 million from two separate sellers. BH Properties sold two buildings consisting of 147,135 and 87,611 square feet, respectively, while Stream Realty Partners sold a 198,257-square-foot asset. For the latter, the new owner acquired a non-performing loan and then foreclosed on the property. At the time of sale, all three buildings were vacant.      

Located at 16666 Northchase Drive, the first asset consists of a six-story building and was completed in 1985 on a 3.1-acre site. The second property is situated at 263 N. Sam Houston Parkway E., comprising one three-story building developed in 1978 and a four-level garage. The third building is less than half a mile away, located at 222 Benmar Drive. The eight-story building was constructed in 1994 and features a glass exterior. The three assets are within Houston’s Greenspoint submarket, at the intersection of Interstate 45 and Beltway 8, roughly 15 miles north of downtown Houston.

Colliers International Principal & Director David Carter represented BH Properties in the two-property sale. Late last year, the seller signed a 517,391-square-foot lease with Overstock at its 5300 Kansas Ave. industrial facility.