An pretty much 158,000-square-foot business office creating has offered in West Houston.
Houston-based mostly Fuller Realty Partners and ICP Funds obtained the home via a partnership for an undisclosed value, in accordance to RE Business On-line. San Antonio-primarily based USAA Genuine Estate sold the business building, known as Park Ten Plaza, within just a 550-acre learn-planned improvement on Houston’s west facet.
The office building at 15115 Park Row Blvd. was produced in 1999 on a 12-acre home, in accordance to Commercial Research. Each individual floor is around 52,500 sq. toes, according to LoopNet.
The buy underscores the heightened interest in authentic estate investments in Texas, which has develop into a landing location for company headquarters relocations and firm expansions during the pandemic.
Rick Goings, Kevin McConn, Marty Hogan and Jack Moody of JLL represented USAA, RE Business On the net described. Cameron Cureton and Wally Reid, also with JLL, organized the acquisition financing. The cost wasn’t disclosed.
The office improvement off Interstate 10 and Addicks Satsuma Road was 94 p.c leased at the time of the sale.
Fuller Realty owns other business qualities in the Houston location this kind of as Texas Technologies Park, Park Laureate and West Memorial Location, according to its web-site.
In the very first quarter of 2022, the Houston metro spot finished an eight-quarter streak of slipping business occupancy and recorded good internet absorption of additional than 22,300 sq. toes, in accordance to JLL. Emptiness was about 28 percent, and the quarter finished with just about 600,000 sq. feet beneath building, 43 percent of which is pre-leased.
[RE Business Online] — Kathryn Hardison