HFF Closes Sale and Arranges Financing for 3-Property Office Portfolio Adjacent to Houston’s Tanglewood and Memorial Villages Neighborhoods
HFF announces that it has closed the sale of a three-property office portfolio totaling 544,291 square feet in an urban infill location adjacent to some of Houston’s most prestigious residential neighborhoods, including Tanglewood and Memorial Villages.
HFF marketed the property on behalf of the seller, a partnership led by Unilev Capital Corporation, and procured the buyer, CapRidge Partners, LLC. Additionally, HFF worked on behalf of the buyer to secure the four-year, floating-rate acquisition/bridge financing through New York Life Real Estate Investors on behalf of New York Life Insurance Company.
The portfolio comprises 1616 Voss, 7500 San Felipe and 6363 Woodway, which are positioned west of Houston’s Galleria area. The three assets are walkable to an abundance of retail amenities, including Whole Foods, Kroger, Trader Joe’s and numerous dining options. Additionally, the portfolio is proximate to Houston Country Club, one of Houston’s oldest and most prestigious country clubs.
The portfolio will go through an extensive renovation and repositioning with roughly $15 million allocated across the three buildings. These improvements will include significant upgrades to building systems, comprehensive common area improvements and innovative tenant-centric amenities. The portfolio will be leased by Craig McKenna and Matthew Asvestas with Stream Realty Partners.
Dan Terpening, director at CapRidge Partners, said, “We are excited to expand CapRidge Partners’ presence in the dynamic Houston market. The portfolio provides a great opportunity to add value by utilizing our disciplined investment experience and operational excellence.”
The HFF investment advisory team representing the seller included senior managing director H. Dan Miller, senior director Martin Hogan and analyst Johnny Kight.
HFF’s debt placement team representing the new owner was led by managing director Jim Curtin and senior managing director Andy Scott.
Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.
Source: AP News
