HOUSTON – (Realty News Report) – Interra Capital Group acquired Memorial Pointe, a 226,586-SF office building in West Houston’s Energy Corridor, according to JLL Capital Markets.
The JLL team was led by Senior Director Rick Goings from Capital Markets, and Senior Managing Director Tom Hall and Managing Director Chad Coluccio from the Loan Sales group.
Memorial Pointe is an 11-story, Class B office building that has undergone multiple upgrades since 2017, including a renovated lobby. The building boasts an average suite size of 2,600 SF, which is well-suited to meet the submarket’s smaller tenant base. Memorial Pointe is currently 25 percent leased.
Located at 11767 Katy Freeway, the property is positioned on 2.5 acres in the Energy Corridor.
“This asset aligns perfectly with our distressed acquisition strategy,” said Jack Polatsek, Principal at Interra Capital Group. “The ongoing disparities in the office market, coupled with interest rate challenges, are presenting significant opportunities for our firm. Memorial Pointe’s strategic location in Houston’s Energy Corridor, along with recent upgrades, positions it as an attractive investment within our portfolio.”
Last year, Interra Capital Group acquired One Park 10 Plaza, an eight-story, 163,000-SF office tower in the Energy Corridor at 16225 Park Ten Place. The seller in that deal was Accesso Partners.
Over a decade ago, the Energy Corridor had office occupancy over 95 percent. Developers responded with many new office projects. But a decline in energy prices – often pegged to a timeline that became a nightmare at an OPEC meeting that was held on Thanksgiving Day 2014, set the market on a downward path. Houston’s energy companies went into retreat, shedding employees and office space as the oil prices fell.
Oct 3, 2023 Realty News Report Copyright 2023
Photo credit Mabry Campbell. Courtesy JLL.
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