HOUSTON - Hicks Ventures, led by Patrick Hicks, purchase two office buildings in the Energy Corridor of West Houston. The buildings, located at 16350 Park Ten Place and 16360 Park Ten Place, include a total of 141,265 square feet.
Managing Director Rudy Hubbard and Vice President Leah Gallagher led the Jones Lang LaSalle Capital Markets team on this transaction. American Spectrum Realty, a Houston REIT, was the seller.
These properties represent a classic underperforming value-add opportunity for the buyer. The two buildings are a combined 73 percent occupied and there is the ability to put together 30,000 square feet of contiguous space, said Hubbard.
The Energy Corridor is one of Houston’s most dynamic submarkets and leasing opportunities here will be tremendous. Built in 1979, 16350 Park Ten Place is a Class B multi-tenant property with 72,599 square feet of space. The Class B+ property at 16360 Park Ten Place was built in 1981 and has 68,666 square feet of space. Both buildings are located in Park 10 Regional Business Center, a master-planned mixed-use development comprising a major portion of the West Houston Energy Corridor.