Northstar Commercial Partners (NCP), a commercial real estate investment company, has purchased a state-of-the-art warehouse in Sugar Land, Texas for $15.7 million.
The property was acquired as a distressed asset from a private bank, which provided the primary financing for the deal. The distress stemmed in part from current market conditions, according to Northstar. Two short-term tenants provide an income stream to service the debt for the next 15 months while Northstar tries to secure a long-term deal.
Located in the Sugar Land Business Park, the 331,000 sq. ft. warehouse was built in 2007 and is a Class-A distribution center. It has second-story space that brings its total size to more than 369,000 sq. ft.
Bob Berry and Jarret Venghaus of Jones Lang LaSalle represented the seller, Amegy Bank National Association in the transaction. The property will immediately be offered for lease or sale, according to Northstar.