Parmenter Ends Hold on 806K-SF Brookhollow Central

Parmenter of Miami, FL ended its six-year hold on the three-building, 806,541-square-foot Brookhollow Central office campus on Houston’s northwest side. California-based Hertz Investment Group acquired the 10-acre asset at Interstate 610 and U.S. 290 for an undisclosed amount. HFF’s Dan Miller and Marty Hogan brokered the transaction.

According to a sales brochure issued by HFF, Brookhollow Central I, II and III is currently 71% occupied, a total that will shrink to 38% occupancy in July 2018 when Comerica vacates the property. The value of the property, noted the brochure, is repositioning through lease-up. The property also offered a substantial discount to replacement cost, as the current replacement cost for a property of its type would range from $300-$400 per square foot.

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