284,000-SF Central Park Northwest Sells

HOUSTON-The 283,841-square-foot Central Park Northwest has changed ownership, with a partnership of CC Realty Advisors Ltd. acquiring the industrial asset from Weingarten Realty Investors with new financing. The sales price was not disclosed, however the Harris County Appraisal District values the eight-building industrial complex at slightly more than $10 million.

The 1980s asset at 2200-2501 Central Pkwy. is close to 80% leased, with 56 tenants occupying space. According to a release from CC Realty Advisors about the transaction, the transaction from contract to close was completed in 86 days. Rusty Tamlyn with Holliday Fenoglio Fowler LP’s Houston office represented Weingarten in the transaction, while CC Realty Advisors had in-house representation. Frost National Bank provided the financing.

The release says CC Realty Advisors is looking for more multi-tenant retail, industrial and office properties throughout the United States valued at between $2 million and $25 million in which to invest. Representatives from the buyer and seller could not be reached by deadline. Updates will follow this article.