Houston, TX – Dornin Investment Group, a West coast based real estate investment firm, has acquired Columbia Centre – a well located 166,720 square foot, Class B+ nine-story office building and structured parking garage situated on approximately 4.05 acres in Houston’s Westchase District located at 11011 Richmond. The building is complemented by numerous attributes including efficient floor plates, a glass façade, generous parking ratio, covered walkways, a park-like setting, and impeccably maintained landscaping. Both the building and the parking garage were completed in 1983.
Significant value-add opportunities exist through contractual rental rate increases and mark-to- market rents. In-place rents are approximately 34% below market and 92% of the rent roll expires within the first five years of the holding period, allowing for immediate NOI growth.
“This is an attractive investment for Dornin Investment Group due to the quality and location of the asset coupled with proven upside in rents,” said Chris Dornin, President and CEO of Dornin Investment Group. “The property was 93% occupied at the time of acquisition with no tenant exceeding 12% of the building so we felt extremely comfortable with the risk profile and ability to push rents.”
Financing was arranged in-house by Scott Botsford through an existing relationship with a local Texas bank, ViewPoint Bank. “This was our fourth transaction with ViewPoint and they worked with us to get it done in an extremely short timeframe with a creative, flexible and attractively priced fixed rate structure tailored to our business plan. They have been a great relationship and we will continue grow our portfolio in Texas with them,” said Chris Dornin.
About Dornin Investment Group
Dornin Investment Group (“DIG”) is a real estate investment and asset management firm that invests in commercial and residential real estate in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic and value-add real estate investments in all major property types with a focus on office, multifamily and hospitality properties. The company offers a full service investment platform providing property management, leasing, construction management and finance through its wholly owned affiliate Dornin Realty Advisors (“DRA”). For more information, visit www.dorningroup.com