HOUSTON — (Realty News Report) – Hertz Investment Group has refinanced the Brookhollow Central office complex in Houston with a $65 million bond raise through the Tel Aviv Stock Exchange. The bonds will fund future leasing costs and repay existing debt on Brookhollow Central—a three-tower Class-A office complex totaling more than 800,000 square feet of space found in three buildings that stand both 12 and 14 stories high. The property is located in the West Loop market at 2800 North Loop West.
Hertz Investment Group looked to secure financing in both the US and Israeli markets and after comprehensive research and due diligence, Hertz decided to complete the $65 million bond raise through the Tel Aviv Stock Exchange.
“Our existing subsidiary in Israel provides additional options for capital that most of our competitors do not have. These additional options allow us to execute our strategic plans more effectively,” said Robert Licht, Chief Financial Officer of Hertz Investment Group. “Now that we have secured this leasing package, we can deploy these funds to further enhance leasing efforts and achieve a fully stabilized occupancy level on this asset.”
Hertz History in Houston
In 2018, Hertz acquired Brookhollow Center from Parmenter Realty Partners of Miami for $70.5 million price or $87 per SF.
At one time, Hertz owned the 232,000-SF Royal Oaks Centre office building in the Westchase District of West Houston. The building, 11490 Westheimer, was sold by Hertz to Younan Properties last year.
“Even though the real estate market in Houston has been challenging over the past two years, we’ve been able to outperform in our leasing efforts during this time,” said Zev Hertz, Chairman and CEO. “We weathered the storm for many reasons, mainly due to the property’s prime location, our focused on-site management, one-on-one relationships with our tenants and being anchored by solid, well-established companies.”
As the world is emerging from the pandemic, Hertz Investment Group is well-positioned to evolve, adapt to changes in the marketplace and to continue to fulfil the needs of its Brookhollow customers. Brookhollow Central has three parking garages providing 2,788 parking spaces
Founded by Judah Hertz in 1977, Hertz Investment Group is a fully integrated real estate investment firm that acquires, markets and manages signature high-rise office properties throughout the United States. Currently, its portfolio of investment properties comprises more than 21 million square feet located in 25 cities throughout the United States.
June 2, 2022 Realty News Report Copyright 2022
File: Hertz Refi s Brookhollow Via Tel Aviv Stock Exchange
Image: Courtesy Hertz
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File: File: Hertz Refis Brookhollow Via Tel Aviv Stock Exchange