Equus Capital Sells Houston-Area Office Asset
- May 31, 2019
Following the $91.7 million disposition of Raintree Corporate Center in Scottsdale, Ariz., in early 2019, Equus Capital Partners has sold One Sugar Creek Center, a 193,998-square-foot office building in Sugar Land, Texas, to Glazer Properties. Rialto Capital Management provided $29 million in acquisition financing, per Fort Bend County records.
Located at 1 Sugar Creek Center Blvd., the 11-story building was completed in 1983 and underwent renovations totaling $3.2 million in 2017. The improvements consisted of elevator cab and main lobby upgrades, restroom and corridor enhancements, a new electronic building directory and the addition of a security/concierge desk. The building’s exterior curtain wall, landscaping and hardscape also underwent refurbishments.
Amenities at the property include an on-site deli, tenant conference room and lounge, on-site property management services and 812 parking spaces. The asset is adjacent to Interstate 69 and less than 19 miles southwest from downtown Houston. The building’s tenant mix includes Comerica Bank, Wholesome Sweeteners, Amerex Energy Services, Hydro Resources and several attorney offices, according to Yardi Matrix information. One Sugar Creek Center had a vacancy rate of 10.6 percent as of May, the same data provider shows.
Christopher Locatell, Mark Ledger and Greg Chapin of Equus Capital Partners handled the sale in-house. The HFF team of Dan Miller, Marty Hogan and Johnny Kight provided assistance in closing the deal.