Smiley Properties Unloads 78K-SF Office

Smiley Properties LP, led by Douglas B. Schultz, ended its 15-year hold on a 78,450 square-foot  office building on Houston’s southwest side. The Houston seller disposed of the asset at 5800 N. Course Dr. to an unknown buyer. The sales price was also undisclosed, with the Harris Central Appraisal District assessing the asset at $11.6 million.

Situated on approximately 10 acres, the facility delivered in 2001, and was 100% occupied at closing. Tenants include United Recovery Systems and Alltran Financial LP.

NAI’s Jon Silberman represented the seller. “The Houston office leasing market has been slow to recover, but we’re starting to see some positive signs,” he said. “We’re glad to see an office property of this caliber find an eager and enthusiastic buyer.”

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