(HOUSTON, TX) – Rycore Capital sold a ~64,000 Class B multi-tenant flex warehouse property in Stafford, Texas. The sale represents a 19% premium to the acquisition cost in 2020. Adrienne Collins of Porter Hedges LLP represented the seller as legal counsel. The property is a two building multi-tenant service center offering small bay suites consisting of an office and warehouse component.
“We are pleased to have completed the sale of Greenbriar Business Park. We acquired the asset during a period of significant market uncertainty in 2020 and created value through strategic suite renovations, responsive leasing efforts, and hands-on property operations that improved tenant retention and leasing velocity. The transaction demonstrates the continued investor demand for well-located flex and shallow-bay industrial assets in the Houston market. We are grateful for the opportunity to represent Tracy and CleRenda McGrady and are pleased to have delivered another successful outcome on their behalf.”, said Parker Lund, Director of Asset Management.
About Rycore Capital LP
Rycore Capital LP (the “Firm”) is a Houston-based real estate investment manager with approximately $413 million AUM, focused on acquiring, leasing and managing income producing properties that deliver superior real estate solutions to our tenants while providing our investment partners with some of the most consistent value-add, core-plus and core returns. The Firm offers two investment platforms to investors: Fund Management and Direct Investment Advisory. The Firm aims to provide a solution with its institutional quality real estate investment management process to high net worth, family office and institutional investors. For more information regarding Rycore, visit the Company’s website at www.rycorecapital.com.