Brian Corriston, vice president in Northmarq’s Houston office, has completed the sale of a single-tenant 17,410 sq. ft. government office property located at 2027 North Stallings Dr. in Nacogdoches, Texas. The property is 100 percent occupied by two tenants, the Texas Department of Family and Protective Services (DFPS) and the Texas Health and Human Services Commission (HHSC). Corriston represented the seller, a local developer. The buyer was pooled individuals based in Texas.
“In a challenging market with a challenging assignment, our team was able to secure an experienced owner of government leased investment property”, said Corriston. “Our buyer realized the future upside with below market rents and below market price per square foot for the building. I appreciate the confidence the seller has in Northmarq to deliver. Congrats to both seller and buyer.”
The property consists of two one-story buildings situated on 2.29 acres. Built in 1997, one of the buildings recently underwent extensive interior remodels, including new flooring and countertops and fresh paint. The single-tenant office facilities are located along North Stallings Dr., home to several other government offices, and directly adjacent to Etech, a technical support and software firm. The property is just west of a dense retail corridor featuring a Walmart and Lowe’s Home Improvement and less than 3.5 miles from Stephen F. Austin University.
DFPS works with communities to protect children, the elderly and people with disabilities from abuse, neglect and exploitation. The HHSC is an agency within the Texas Health and Human Service System and manages programs that help families with food, health care, safety and disaster services. Both tenants are backed by the State Government of Texas, which carries an investment-grade credit rating.