Colliers International is pleased to announce the sale of Midstream Business Park, a 23,657 square foot flex building located at 2830 FM 565 in Mont Belvieu, Texas. The buyer, Kimberlee Partners LP, was represented by Hart Schleicher of Capital Real Estate Commercial, Inc. Judd Harrison and Jason Tangen of Colliers International represented the seller, Bellwether Interest, LLC, in the transaction.

Midstream Business Park is a fully leased, deed-restricted business park located in an ideal location in Mont Belvieu's petrochemical corridor. The property is situated off of the Grand Parkway extension, the scheduled construction in the area is to be completed in Spring 2022.

The Northeast Outlier office submarket is 94.5% occupied, 14.3% higher than Houston's average occupancy rate of 82.7%. The submarket has a historical annual rent growth rate of 2.3%.

About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.