Houston office buildings near Tanglewood, Memorial Villages trade hands
Three office buildings near the Houston Country Club are under new ownership, according to a press release from real estate firm HFF.
HFF's Houston office marketed the portfolio for the seller, a partnership led by California-based Unilev Capital Corp., per the release. An investment advisory team including HFF Senior Managing Director H. Dan Miller, Senior Director Martin Hogan and Analyst Johnny Kight represented the seller.
The buyer was Austin-based CapRidge Partners LLC, which HFF also represented in securing a four-year, floating-rate acquisition/bridge financing through New York Life Real Estate Investors on behalf of New York Life Insurance Co. A debt placement team led by HFF Managing Director Jim Curtin and Senior Managing Director Andy Scott represented the new owner.
CapRidge bought the following buildings:
1616 S. Voss Road: 2.86 acres at the northwest corner of Voss and San Felipe with a 189,582-square-foot office building and a 161,006-square-foot parking garage, both built in 1981, according to the Harris County Appraisal District.
7500 San Felipe St.: 2.87 acres at the northwest corner of Voss and San Felipe with a 168,503-square-foot office building and a 150,867-square-foot parking garage, both built in 1979, per HCAD.
6363 Woodway Drive: 2.4 acres near the intersection of Voss and Woodway with a 218,013-square-foot office building and a 160,980-square-foot parking garage, both built in 1983, per HCAD.
All three buildings are in close or immediate proximity to Whole Foods, Trader Joe’s and Kroger. In addition to the Houston Country Club, Piney Point Village, Hunter Creek Village and the Tanglewood Neighborhood are all nearby.
The purchase price was not disclosed in the release, but the properties — including land and buildings — were appraised at $22.35 million, $20.35 million and $22.58 million, respectively, for 2019, per HCAD.
CapRidge Partners plans to spend a total of $15 million to renovate and reposition the three buildings, per the release. Plans include “significant upgrades to building systems, comprehensive common area improvements and innovative tenant-centric amenities,” the release states. Craig McKennaand Matthew Asvestas with Stream Realty Partners will handle leasing for the buildings. “We are excited to expand CapRidge Partners’ presence in the dynamic Houston market,” Dan Terpening, director at CapRidge Partners, said in the release. “The portfolio provides a great opportunity to add value by utilizing our disciplined investment experience and operational excellence.”CapRidge owns two other Houston properties at 12012 Wickchester Lane and 1300 W. Sam Houston Parkway.
Source: Houston Business Journal
