HOUSTON–(BUSINESS WIRE)–Apr 5, 2019–HFF broadcasts that it has closed the sale of a 3-property workplace portfolio totaling 544,291 square feet in an urban infill vicinity adjacent to several of Houston’s maximum prestigious residential neighborhoods, such as Tanglewood and Memorial Villages.
HFF advertised the property on behalf of the vendor, a partnership led via Unilev Capital Corporation and procured the consumer, CapRidge Partners, LLC. Additionally, HFF labored on behalf of the consumer to relaxed the four-year, floating-fee acquisition/bridge financing via New York Life Real Estate Investors on behalf of New York Life Insurance Company.
The portfolio contains 1616 Voss, 7500 San Felipe, and 6363 Woodway, which are placed west of Houston’s Galleria place. The three assets are walkable to an abundance of retail amenities, such as Whole Foods, Kroger, Trader Joe’s, and numerous eating options. Additionally, the portfolio is proximate to Houston Country Club, one of Houston’s oldest and maximum prestigious usa golf equipment.
The portfolio will go through an extensive renovation and repositioning with a kind of $15 million allotted across the three homes. These upgrades will include extensive upgrades to building structures, complete common location enhancements, and revolutionary tenant-centric services. The portfolio will be leased with the aid of Craig McKenna and Matthew Asvestas with Stream Realty Partners.
Dan Terpening, director at CapRidge Partners, stated, “We are excited to enlarge CapRidge Partners’ presence within the dynamic Houston marketplace. The portfolio affords a excellent opportunity to feature fee with the aid of utilizing our disciplined funding enjoy and operational excellence. The HFF investment advisory group representing the vendor blanketed senior coping with director H. Dan Miller, senior director Martin Hogan and analyst Johnny Kight.
HFF’s debt placement crew representing the new proprietor changed into led-through dealing with director Jim Curtin and senior managing director Andy Scott.
Holliday GP Corp. (“HFF”) is a Texas licensed real property broker.
About Unilev Capital Corporation
Unilev Capital Corporation is a privately held actual property investment business enterprise that still invests with a choice, a confined institution of private and institutional partners to collect nicely-positioned, profits-producing commercial homes with a brief-term opportunistic method protracted-time period, low-threat investment horizon. Unilev’s Houston portfolio consists of Galleria Towers I and II, Galleria Financial Center, One and Three Riverway, and other office and retail homes.
About CapRidge Partners
CapBridge Partners is a totally integrated funding control and running employer centered on value-add office residences in 9 select U.S. Markets, along with Houston. Their strategy is to acquire nicely-positioned assets underneath alternative costs that offer opportunities to add value by supplying proactive control, delivering stronger customer service and wellbeing services, leasing to stabilized occupancies, marking-to-marketplace expiring leases, and completing capital projects. Since 2012, CapRidge has purchased 33 office buildings.