A few recent sales on Bluebonnet Boulevard serve as further evidence that prices are rising for office space along the busy corridor.
On Monday, Stellar Enterprise Associates Inc. sold a 5,993-square-foot building at 4580 Bluebonnet Blvd. to IPI Properties LLC for more than $1.11 million. The sale price works out to roughly $185.50 per square foot, marking the third sale in recent months that eclipsed the $180-per-square-foot price point. In June, a building at 4703 Bluebonnet Blvd. sold for $183.39 per square foot, and in August a building at 5145 Bluebonnet Blvd. sold for $190 per square foot.
IPI Properties is owned by Dr. Barrett Johnston, owner and operator of the Interventional Pain Institute. Johnston is relocating his office at 9456 Jefferson Highway to the Bluebonnet building because he needed more space. The new purchase works well because the building has good visibility and access for his patients.
Stellar Enterprise Associates Inc. was represented by brokers Tim Smith and Kelly Allen of NAI/Latter & Blum. Johnston’s broker in the deal was Ryan Greene, also with NAI/Latter & Blum. Â
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.
