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Category: Southeast Texas
CCIM Houston/Gulf Coast Golf Tournament
Sugar Creek Country Club
420 Sugar Creek Blvd, Sugar Land, Texas
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Houston-based Private Investor Purchases Houston Office Park
JLL Capital Markets has closed the sale of Oak Park Office Center II, a two-story office building totaling 206,362 square feet in Houston.
JLL marketed the property on behalf of the seller, Office Properties Income Trust, in the sale to a Houston-based private investment group that invests across Texas.
The two-story office building is currently 49.0% occupied on a long-term basis by Men’s Wearhouse, a wholly owned subsidiary of Tailored Brands, the retail holding company for various apparel stores, including Joseph A. Bank. The tenant uses the first floor of Oaks Park Office Center II as their headquarters. In addition, the property offers 1,070 parking spaces and has three access points along Rogerdale Road.
Oak Park Office Center II is located at 6380 Rogerdale Road in the Oak Park Business Park at the intersection of Beltway 8 and Westpark Tollway. The property is positioned within the Westchase District, Houston’s fourth largest office submarket, home to more than 1,500 businesses, including several Fortune 500 companies, such as Phillips 66, Honeywell, ABB, Schlumberger, Sabic, Equinor, BMC, Emerson, Worley and more. The office buildings proximity to Interstate 10, US-59, Beltway 8 and Westpark Tollway provides access to more major highways than any other area of Houston. As a result, the property is within 30 minutes from any major destination in Houston, including both major airports, the Texas Medical Center, Katy, Sugar Land, Downtown, the Galleria, the Energy Corridor and Greenway Plaza. Additionally, the Westchase District has a strong demographic base of well-educated and high-income workers residing in and nearby the submarket.
The JLL Capital Markets team representing the seller was led by Managing Directors Kevin McConn and Marty Hogan and Analyst Jack Moody.
Regional Power Center in Houston Sells to Local Investor
JLL Capital Markets has closed the sale of Market Square at Eldridge, a 262,556-square-foot regional power center anchored by a slate of tenants in Houston.
JLL marketed the property on behalf of the seller, Walton Street Capital, L.L.C. Houston-based Wu Properties acquired the asset.
According to Placer.Ai, Market Square at Eldridge center is in the top 5% of all U.S. shopping centers. The high-performing center is 98 percent leased to a robust mix of national tenants, including Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. A Target and popular membership-only retail warehouse serve as shadow anchors.
Market Square at Eldridge is positioned on 32.52 acres at 2660 Eldridge Pkwy S. in a high-traffic infill Houston location at the intersection of Westheimer Road and Eldridge Parkway, which sees more than 99,000 vehicles per day. The property is near Houston’s Energy Corridor, a major employment center. Surrounded by residential and multi-housing development, more than 161,182 residents earning an average annual household income of $90,716 live within a three-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West, Associate Erin Lazarus and Analyst Megan Babovec.
GenCap Partners, Inc. Closes Sale of The Sarah at Lake Houston Apartments to SunSail Capital
Dallas-based developer, GenCap Partners, Inc. announced the sale of its luxury apartment development, The Sarah at Lake Houston, to a group led by New York’s SunSail Capital on July 7, 2022. The transaction of this 350-unit class A+ property nestled in the affluent northeast Houston suburb of Humble was brokered by Zach Springer of Newmark. Construction commenced in mid-2019 and the project delivered its first units in November 2020 while the COVID pandemic halted in-person touring in Houston. The multifamily community reached stabilized occupancy in September 2021.
GenCap’s CEO, David Castilla reported “The fact that we leased up above our proforma rental rates and absorbed units faster than we predicted before the COVID virus impact, confirmed to our investors that the multifamily sector remains resilient despite the challenging economic conditions we’ve faced or will face in the coming years.”
The three-story garden-style apartment development caters to those with a discerning appreciation of high-end interior finishes and offers lakeside living and convenience to top-ranked schools. Deluxe community amenities include: a resort-style pool, bier garten, state-of-the-art athletic facilities, golf simulator, dog park, and business and conference center designed to accommodate today’s tech-savvy renter who might work from home.
This acquisition was a strategic addition to SunSail’s portfolio of superior quality, high-performing multifamily assets in burgeoning Texas cities.
GenCap Partners, Inc. provides real estate investment advisory, asset management, and development services to domestic and international investors in core markets in the Southern USA. The firm focuses on creating value and superior returns for its clients through investments in multifamily and office products.
GenCap Partners develops between $250 million and $400 million in new multifamily projects annually.
For more information, contact David E. Castilla at dcastilla@gencappartners.com.
Houston Ranks Among Leading Life Sciences Markets: CBRE Report
Aided by a high percentage of PhDs and a low cost of living, Houston ranks No. 13 in a new analysis of the nation’s top 25 life sciences markets from real estate firm CBRE.
The report sheds light on the growth of life sciences hubs beyond the traditional coastal markets such as Boston and San Diego. Houston is getting a boost from the growing Texas Medical Center and an influx of venture capital earmarked for life sciences research.
Job growth in life sciences professions – from bioengineers and biochemists to microbiologists and data scientists – expanded by 79% over the last two decades to roughly 500,000. In comparison, the overall U.S. job growth rate in that span was 8%, according to CBRE. That surge in life sciences jobs boosted mainstay markets such as Boston and San Francisco as well as emerging hubs including Nashville, Salt Lake City and Houston.
The report suggests that Houston’s life sciences labor market offers an attractive combination of affordability and a particularly strong PhD talent pool. Major research universities and medical institutions such as the UT School of Public Health and Baylor College of Medicine boosted the city’s ranking ahead of other Texas markets in CBRE’s analysis. Click to read more at www.houston.org.