HFF Facilitates Sale of Houston Office Asset
- Nov 02, 2016
Houston—HFF announced closing the sale of 12603 Southwest Freeway, a six-story office building in Stafford, Texas. Stone Mountain Properties acquired the asset from Griffin Partners for an undisclosed amount.
HFF marketed the property on behalf of the seller, while LandPark Advisors represented the buyer. The office property was sold free and clear of debt. The HFF investment sales team was led by Senior Managing Director Dan Miller and Director Martin Hogan.
Constructed in 1982, the 142,009-square-foot building sits on a 5 acres at the southwest corner of Interstate 69 and Kirkwood Road in southwest Houston, directly across the former Texas Instruments campus that is being redeveloped into a four-phased, mixed-use project with more than 2,400 residential units, 18-plus retailers and restaurants, a 350,000-square-foot distribution center, hotels and entertainment venues.
12603 Southwest Freeway is currently 86.4 percent leased to a diversified rent roll consisting of education, healthcare, manufacturing and construction, insurance, technology and finance companies. Under Griffin Partners’ ownership, the property has been subjected to extensive renovations to the lobby, garage, common areas, landscaping, restrooms, and had the roof replaced.
Image courtesy of Griffin Partners