Hertz Investment Group buys Brookhollow Central office complex

Woodland Hills, Calif.-based Hertz Investment Group has acquired Brookhollow Central, a three-building office campus along the North Loop, for $70.5 million, the company announced.

The deal follows Hertz Investment's $24 million purchase of Westchase Park Plaza in January. Both properties were purchased from Miami-based Parmenter Realty Partners and have undergone extensive upgrades.

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The deal signals the company's optimism for Houston's office market, which has been hard hit by the downturn in oil prices.

"Houston is a national leader in population and economic growth, and companies are looking to locate in the city," chairman Judah Hertz said in an announcement.

"We believe Brookhollow Central is well positioned with its location between the city's ever-expanding business district and highly desirable residential neighborhoods."

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The complex totals 806,541 square feet on 10 acres at Loop 610 and U.S. 290 in northwest Houston, a few miles from the Galleria. The buildings include Brookhollow I, 2800 N. Loop West, Brookhollow II, 2900 N. Loop West, and Brookhollow III, 2950 N. Loop West. The complex has a conference facility, fitness center and parking for more than 3,000 cars.

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"Brookhollow Central and Westchase Park Plaza both fit our acquisition strategy and offer tremendous value through future leasing. We will continue to explore other opportunities in Houston, as they arise," Hertz Investment Group's chief investment officer Jim Ingram said in an announcement.

"We firmly believe Brookhollow Central will be a property that companies will find attractive due to the location, amenities and opportunities for expansion."

Parmenter Properties bought the Brookhollow campus from a partnership of Thomas Properties Group in 2012.

Hertz Investment Group now owns and manages 63 retail and office properties in 22 cities throughout the United States.