SUGAR LAND – (Realty News Report) – Songy Highroads has acquired Sugar Creek Place I, a 151,722-SF, Class A office building located along the Southwest Freeway in Sugar Land.
The six-story building is 86-percent leased, according to Songy Highroads, an Atlanta-based firm with extensive holdings in the Houston area.
Over the last five years, more than $1.7 million in capital upgrades have been implemented at Sugar Creek Place I. Upgrades include a new conference facility, tenant lounge and common areas, renovated lobby and corridors, and a four-story structured parking garage.
“Sugar Creek Place I fits Songy Highroads’ value-add investment strategy as a well-located asset in a growth market,” said SHR Senior Vice President Foster Durkee. “We will look to implement a targeted, strategic capital plan to further improve the asset and make it one of the top options for tenants in Sugar Land.”
SHR has retained Transwestern Commercial Services for leasing services for the building, 14100 Southwest Freeway.
Songy Highroads has completed other recent acquisitions and developments in the Houston region including:
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777 Post Oak
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5433 Westheimer
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Halliburton | Landmark building on Memorial at Eldridge
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Galleria Place I & II
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Hyatt Regency and Hyatt Place hotels/Galleria
In addition, SHR recently purchased resort property to be developed into Margaritaville at Lake Conroe. The 335-key hotel will open next year.
Songy Highroads said the steady population growth of Sugar Land played a role in the acquisition. “The area’s low unemployment and robust infrastructure have made it one of the most desirable areas within greater Houston to live and work. Buoyed by a diverse economic base, quality product and strong demand drivers, Sugar Land boasts one of lowest vacancy rates of any of any major office submarket in Houston; it has outperformed the greater market over the past five years,” the firm said in a press release.
Oct. 22, 2019 Realty News Report Copyright 2019
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