HOUSTON – Griffin Partners has sold 12603 Southwest Freeway, a six-story, 143,211-SF office property in Stafford, near Houston and the former Texas Instruments campus.
The buyer, Stone Mountain Properties, a Houston firm founded by Leeshan Chuang Birney, has acquired a number of multifamily and suburban office properties, primarily in southwest Houston and Westchase areas.
Stone Mountain was represented by LandPark Advisors.
HFF marketed the property on behalf of Griffin Partners. 12603 Southwest Freeway is located at the southwest corner of Interstate 69 and Kirkwood Road in southwest Houston, with visibility from more than 224,000 cars per day.
The building, which sits on a 5-acre site, is directly across from the former Texas Instruments campus that is being redeveloped into a four-phased mixed-use project with more than 2,400 multi-housing units, 18 plus retailers and restaurants, a 350,000-square-foot distribution center and hotels and entertainment venues. StreetLevel Investments, which is affiliated with Edge Realty Partners, is redeveloped the Texas Instruments property.
Currently 86.4 percent leased, 12603 Southwest Freeway has a diversified rent roll consisting of education, healthcare, manufacturing and construction, insurance, technology and finance companies. Since purchasing the property, Griffin Partners has completed major renovations to the lobby, garage, common areas, landscaping, restrooms, and replaced the roof.
The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan.
Griffin Partners, Inc. is an owner and operator of commercial real estate properties throughout Arizona, Colorado, North Carolina, and Texas with a current portfolio of 4.5 million square feet valued at over $750 million.
Griffin Partners has recently purchased 5 commercial properties in Phoenix, Denver, and Raleigh, totaling over 800,000 square feet. The sale of 12603 SWF represents the second successful realization of the eleven investments made by Griffin Partners Office Fund II, which concluded its investment period in December 2015.
Nov. 2, 2015 Realty News Report Copyright 2016