Stone Mountain Properties Buys $20M Office Building in Houston
- Jan 13, 2017
Houston—Stone Mountain Properties recently acquired a 143,211-square-foot office building in Stafford, Texas from Griffin Capital. Bill McGrath, CCIM and Peter Wall from LandPark Advisors represented the company in the $20 million deal.
Constructed in 1981, 12603 Southwest Freeway is a Class B, six-story office building located in close proximity to several entertainment venues, master-planned neighborhoods and a currently under construction, mixed-use development on the 192-acre former Texas Instruments campus. The property received approximately $1.5 million in capital improvements since 2013.
LandPark Commercial was selected to provide both property management and leasing services on behalf of Stone Mountain Properties.
The sale of 12603 Southwest Freeway was subject to a $13.1 million loan held by Citibank, according to Yardi Matrix data. This recent acquisition brings Stone Mountain’s commercial portfolio to more than 780,000 square feet in Texas and New Jersey. In addition to its commercial portfolio, Stone Mountain has a multifamily portfolio of more than 2,500 units and in excess of 120 acres of land.
Image via Yardi Matrix