HOUSTON – (Realty News Report) – A Texas investors acquired 77 Sugar Creek, a 143,410-SF office building in Sugar Land on the southwest side of Houston, JLL Capital Markets reported.
JLL, in conjunction with online commercial real estate auction platform RI Marketplace, represented the seller, CWCapital.
Sugar Land-based InLight Capital purchased the building, located near the Southwest Freeway, for an undisclosed amount.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Rick Goings and Senior Managing Directors Marty Hogan and Will Sledge.
“77 Sugar Creek generated significant interest, primarily from local high net worth buyers who were interested in the property’s user potential,” Goings said.
“We are seeing an uptick in assets at auction similar to 77 Sugar Creek, and its outcome proves why,” said Neil McKenna, Managing Director at RI Marketplace.
77 Sugar Creek is positioned on a 6.1-acre site about 20 miles southwest of Houston’s central business district. Located directly off of Highway 59 near its intersection with Highway 90, the office building has convenient access to the entire Houston metropolitan area.
Renovated in 2018, 77 Sugar Creek has six stories of office space featuring floor-to-ceiling windows and high-quality common areas. The property is 66.3 percent leased.
The transaction comes as Houston’s office market works through a vacancy problem. Many researchers place Houston’s office vacancy rate above 25 percent, regarded as one of the highest vacancy rates in North America.
Sept. 5, 2023 Realty News Report Copyright 2023
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Image courtesy JLL Capital Markets
File: Sugar Land Office Building Sold
Sugar Land Office Building Sold