HOUSTON – (Realty News Report) – Belvoir Real Estate Group LLC has acquired 7660 Woodway Drive, a 110,529-SF office building located at the intersection of San Felipe Street and Voss Road in Houston’s Memorial Villages neighborhood.
Belvoir’s acquisition team was led by Managing Director Matthew Goldsby and Senior Financial Analyst Bradley Smith.
“7660 Woodway was already a great asset at a notable location. We are excited about the opportunity to add value to the building for the tenants while continuing to selectively grow our investment portfolio here in Houston,” said Matthew Goldsby, Managing Director of Belvoir. “We are long-term bullish on the Houston market, as well as the other major and secondary markets across Texas. Considering everything that has occurred through the start of 2020, Belvoir is more committed than ever to serving our community, tenants, clients and partners.”
The transaction was completed as the COVID-19 coronavirus pandemic roiled financial market and created a global health crisis.
“Our acquisition of 7660 Woodway during one of the most financially turbulent times of the modern era is a product of the strength of our team’s underwriting and the high level of trust we’ve cultivated with our stakeholders,” said Bradley Smith, Senior Financial Analyst at Belvoir. “As an investment platform, we define our firm’s value not by our ability to place profitable investments when the world is humming along, but by the vision to identify and close on chronically overlooked opportunities in challenging markets and uncertain conditions.”
Belvoir plans to improve the building – which was built in 1982 and is 90 percent occupied – with common area renovations, improved amenities and upgraded construction elements. Belvoir will lease and manage the building.
The purchase of 7660 Woodway Drive follows Belvoir’s 2019 acquisition of Broadfield at Park Ten, an 85,050-SF office property at 15810 Park Ten Place in Houston’s Energy Corridor. At the time of that sale, the Broadfield building was 65 percent occupied before being brought to 90 percent occupancy within the first three months of Belvoir’s ownership.
Located in the heart of Memorial Villages and adjacent to the Memorial City retail and entertainment district, the building has a strong historic tenant base of local professionals.
JLL Capital Markets’ investment team, led by Danny Miller and Marty Hogan, represented the seller. JLL’s debt placement team, led by James Brolan and Michael Johnson, coordinated financing for the acquisition.
Management and leasing of the Woodway building will be led Rose Hernandez of Belvoir, Houston-based firm focused on real estate investment, brokerage, development and property management. Belvoir is involved in office, industrial, multifamily, mixed-use and land.
“As a full service commercial real estate firm, we’re excited to continue growing all aspects of our platform to meet the dynamic real estate needs across the Bayou City and the great state of Texas,” Goldsby said.
March 18, 2020 Realty News Report Copyright 2020