HOUSTON – (Realty News Report) – An affiliate of Fuller Realty Partners has acquired Westchase Place, a Class A six-story office building located at 11200 Richmond Avenue, in the heart of Houston’s Westchase District.
JLL’s Rudy Hubbard, Kevin McConn, and Rick Goings represented the seller, CAPSTAR Real Estate Advisors.
Fuller Westchase Place, Ltd. an entity affiliated with locally based Fuller Realty Partners purchased the property for an undisclosed price.
The building features a brick and glass façade with more than 150,000 SF of space and a three-level parking garage. Both the building and parking garage were completed in 1999 and underwent extensive renovations in 2009 and 2013.
The buyer intends to aggressively improve the condition of the current vacancies to expedite leasing efforts. Fuller Realty Partners will manage and lease the property.
Fuller Realty made another play in West Houston earlier this summer, acquiring a pair of Class B office buildings in the Energy Corridor. That two-building portfolio, which was 11 percent leased at the time of the sale, was called Parkview I and II. Constructed in the 1980s, Parkview I and II includes a 110,000-SF building at 330 Barker Cypress Road and a 65,000-SF building at 333 Cypress Run. JLL’s Rudy Hubbard, Kevin McConn, and Rick Goings were also involved in the Parkview I and II sale.
All of these deals indicate that Fuller Realty Partners, which has done business in Houston for many years, is anticipating a rebound, or at least upside investment potential, in the West Houston office market. A downturn in the energy industry, followed by Hurricane Harvey in 2017, punished the Energy Corridor office market, which had been one of the premier submarkets in the nation about a decade ago with Class A occupancy near 99 percent.
Sept. 9, 2019 Realty News Report Copyright 2019
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