HOUSTON – A joint venture between Songy HighRoads and The Carlyle Group purchased Galleria Plaza, a 428,285-sf mixed-use complex in just west of Houston’s Galleria on Westheimer Road on 7.6 acres bounded by West Alabama and Sage Road.
The properties in the project include (1) TeleCheck Plaza 11-story office tower 217,005 SF 100% leased. (2) 5333 Westheimer 10-story office tower 178,468 SF 92.5% leased. (3)Sage Plaza Retail 20,120 SF 64% leased. (4) Michaelyndon’s on the Boulevard Retail 8,800 SF 100% leased. (5) Region’s Bank Retail 3,892 SF 100% leased.
Danny Miller and Martin Hogan of HFF represented the seller, Chase Merritt and PCCP. In addition, Wally Reid HFF secured a three-year, 75 percent loan-to-value acquisition financing on behalf of the buyer through Bank of America Merrill Lynch – CMBS.
Projects currently underway include sites in Atlanta, Houston, Dallas, New Orleans, Fort Lauderdale, Fort Myers and Boca Raton, Fla.