REIT Buys Energy HQ
A private REIT out of New York has purchased C&J Energy Services’ corporate HQ. Stan Johnson’s Andrew Peeples, Brett Butler and Jeff Jackson marketed the campus, which includes a 125k SF office building and a 96k SF industrial/lab facility. The properties were put under contract last July but the deal was buffeted by quite a few challenges: plummeting oil prices, a proposed tenant merger that was going through appeals, and the tenant’s stock price dropping 66%. The Stan Johnson team delayed closings of each property so the seller could achieve long-term capital gains tax advantages. Andrew tells us the sale is indicative of the strength of the Houston market despite the current oil slump. Because we led the nation in job and population growth last year, the team is still getting an abundant capital flow from national and international investors. C&J’s campus was a build-to-suit developed by Westchase Green, a partnership formed by InSite Realty Partners.
