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| Rusty Tamlyn |
HOUSTON, TX – HFF announced it has closed the sale of Cypress
Business Center, a 103,979-square-foot flex distribution facility in
Houston, Texas.
HFF marketed the property on behalf of the seller,
Cypressbrook Company. Industry Capital,
on behalf of an affiliated fund, purchased the center for an undisclosed amount
free and clear of existing debt.
Cypress Business Center is located just off Interstate 45
and Cypress Creek Parkway (FM 1960) at 301-305 Wells Fargo Drive in north
Houston, approximately 12 miles from George Bush Intercontinental Airport.
The property is 74 percent leased to AutoZone, DKNXT,
DynaQual, Charis Bible College, Premiere Safeguard and Speedy Printing &
Office Supplies.
The HFF investment sales team was led by senior managing
director Rusty Tamlyn and real estate analyst John Indelli.
“We had a nice run with this asset and were very pleased
with Industry Capital’s execution on this sell,” said Cypressbrook managing
partner Michael Novelli.
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| Michael Novelli |
“They had a thoughtful and thorough due diligence team that
closed the deal in less than a month after going under contract. We wish them all the best with the project.”
Founded in 1996, Cypressbrook Company is a real estate
brokerage, management, and development company based in Houston, Texas.
Currently, the company has three independent operating
platforms: Cypressbrook Company focuses on various traditional commercial
products, Ascension Commercial Real Estate that focuses on multifamily assets
and Oakbrook Builders that is design build contractor of senior living
facilities.
Senior leadership of the company has more than 75 years of
development experience having worked early in their careers with nationally
known developers like Trammell Crow Company and Camden Property Trust
Industry Capital (IC) is a San Francisco-based private
equity firm focused on investing in real assets. IC Berkeley Partners is IC’s vertically-integrated real estate
operating company with more than 65 employees specializing in the investment
and management of multi-tenant industrial real estate.
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| Cypress Business Center, Houston, TX |
The company currently
owns and operates more than 3.5 million square feet of industrial real estate
and is an active investor in multiple markets across the country.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873
| www.hfflp.com
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