HOUSTON – An affiliate of Equus Capital Partners has acquired two Houston office buildings, totaling 302,000 SF for $60 million.
Equus acquired: 5300 Memorial Drive, a 154,000-SF building just west of Shepherd Drive in the Rice Military community; and a building at 10497 Town & Country Way near the City Centre development.
Equus, which is headquartered in the Philadelphia area, plans to upgrade the buildings, says Equus vice president Kyle Turner. The seller was an affiliate of Orlando-based Parkway Properties, which said it will recognize a gain of $37.8 million on the sale of the two buildings.
“This transaction provides the opportunity to acquire two best in class niche office assets that are both located in in-fill amenity rich areas. With our plans for significant capital upgrades and added amenities on-site, we believe both properties will become even more attractive and sought after by tenants in the marketplace,” said Kyle Turner, Vice President of Equus Capital Partners, who oversaw the acquisition for the firm, along with Roy Perry, Senior Vice President, and Lauren Nygren, Acquisitions Analyst.
The acquisition was made on behalf of Equus Investment Partnership X, L.P. (“Fund X”), a discretionary fund managed by Equus.
The 5300 Memorial Drive building is a 153,671 square-foot property, is located approximately 3 miles west of downtown Houston on the north side of Memorial Drive.
The 10497 Town & Country Way is located in the Katy Freeway East Submarket of Houston and is approximately 14 miles west of downtown Houston. The 148,790 square-foot property is situated along the southeast side of the convergence of Beltway 8 and Interstate 10.
Feb. 8, 2016