David Carter Of Colliers International Represents Seller In Sale Of 450 Gears Rd Houston
450 Gears Rd, Houston, TX, 77067
Building Size
180,030 SF
Asset Type
Office
Closing
Nov 19, 2023
AI
A sale transaction has been completed for an office building located at 450 Gears Rd, Houston, TX 77067. The property encompasses 180,030 square feet and features an eight-story structure along with a four-story parking garage and a conference center. Originally constructed in 1984, the building occupies 4.5 acres in the North Houston market.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: Undisclosed
- Address: 450 Gears Rd, Houston, TX, 77067
- Market: Houston
- Seller's Representative: David Carter - Colliers International
- Buyer's Representative: Evens Grandoit - Krueger Real Estate
- Seller: Undisclosed
- Buyer: Undisclosed
- Square Footage: 180,030
Colliers International played a significant role in this transaction, with David Carter, Doug Pack, and Sam Hansen representing the seller. The identity of the buyer remains undisclosed, and both the buyer and the seller have requested anonymity in this deal.
Houston Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93