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Hertz Investment Group sold a three-building Class-A office complex totaling 806K SF to a newly formed joint venture, taking a haircut from its 2018 purchase price. 

Houston-based Meneses Holdings partnered with Irving, Texas-based Dominus Commercial to acquire the 1970s and 1980s-era Brookhollow Central complex near the intersection of Highway 290 and the 610 Loop.

Los Angeles-based Hertz acquired the property in 2018 for about $70.5M, or $87 per SF. Hertz sold the property June 10 in a deal valued at $58.4M, according to a filing with the Tel Aviv Stock Exchange. The joint venture owners declined to comment on the purchase price, which comes out to about $72 per SF. 

This is the first office investment for Meneses Holdings, which has a 1,200-unit multifamily portfolio, President and CEO JC Meneses said.

Brookhollow Central I, II and II are on a 10-acre site at 2800, 2900 and 2950 N. Loop W in Northwest Houston. The complex is about 74% occupied, and the owners plan to spend about $2M on renovations, including a tenant lounge, additional food services and a coffee bar, Dominus Commercial President and CEO Stephen LaMure said.