DENVER, May 22, 2015 /PRNewswire/ -- Amstar, a Denver-based real estate investment manager, on behalf of one of its public retirement system clients, announced today the sale of Beltway North Commerce Center, a 352,680-square-foot Class "A" industrial property in Houston, Texas. The buyer and sale price were not disclosed. The property sale was arranged during construction and closed when the building was complete.
Amstar in partnership with Davis Commercial Development, LLC ("DCD") acquired the 35-acre land parcel in March 2014 and developed a 352,680 square-foot, state-of-the-art, cross-dock industrial building on the site. The building was constructed to meet LEED standards. Rosenberger Construction acted as the general contractor.
The property is located at 971 North Sam Houston Parkway E., immediately south of George Bush Intercontinental Airport in Houston's North submarket, one of the healthiest industrial submarkets in the country. The building has tremendous visibility with more than 1,200 feet of frontage along the Beltway, and was designed to be attractive to tenants across many industries. The building can accommodate a single or multi-tenant leasing strategy.
"Thanks to the hard work of DCD, we developed a Class "A" property in an irreplaceable location. We would have enjoyed managing and owning this property for many years; however, a sale at this time was in the best of interest of the partnership and our client. We were fortunate to have a strong local partner to identify opportunities early in the recovery and allow for a sale when value had been maximized. This was Amstar's second project with Jeff Davis and we look forward to many more," said Amstar Managing Director Daniel Cohen.
"We purchased this site in early 2014 from a corporate owner who had slated it for commercial development for years due to the outstanding location near the George Bush Intercontinental Airport but had never started construction. We acquired the site, changed the use and designed a building very well suited for the industrial and office space users in the North Houston submarket. We teamed with Amstar again based on our successful track record with them and their timely market insights. Together we were prepared to construct, lease, manage and own the new facility for the long term but this opportunity to sell was compelling," said Jeffrey P. Davis, principal of Davis Commercial Development.
Josh McArtor and Heather McClain Venegoni from CBRE in Dallas represented the seller in the transaction.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Currently, Amstar and its clients utilize perpetual separate account structures which grant the flexibility needed to optimize risk-adjusted returns through multiple market cycles. Amstar is a privately-owned company with over 80 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit www.amstar.com.
About Davis Commercial Development
Davis Commercial Development is a Houston-based real estate development and investment company whose principal has more than 33 years of proven experience in designing, developing, leasing and managing high-quality commercial and residential properties. Jeffrey P. Davis has taken the lead role in development or redevelopment of more than 3,000,000 square feet of investment-grade commercial properties and several hundred acres of residential land since 1982. Davis Commercial Development has an established network of tenants, clients and investors, and prides itself on the strong relationships created amongst its strategic business partners.