CenterSquare Sells Two Properties in Houston

HOUSTON — CenterSquare Investment Management has sold 1301 Fannin Street and the Villas at Hermann Park, both in Houston. 1301 Fannin Street is a 784,000-square-foot, Class A, mixed-use office tower and data center in Houston’s central business district. The Pennsylvania-based investment boutique of BNY Mellon acquired the property in 2007 in a joint venture with Houston-based Griffin Partners. During the eight-year hold period, the building’s common areas and infrastructure were upgraded resulting in net operating income (NOI) growth of 71.6 percent. The Villas at Hermann Park is a 320-unit, Class A apartment project south of downtown Houston. The property was purchased in 2011. During the 3.5-year hold, the property’s common areas and apartment interiors were upgraded resulting in NOI growth of 20.5 percent.