Two-Building Office Complex Acquired

HOUSTON – DML Capital acquired the The Offices at Kensington, a two-building, Class A office complex totaling 171,055 SF in Sugar Land, on the southwest side of the Houston area.

JLL Capital represented the seller, Newport Beach, Calif.-based Buchanan Street Partners, in the sale of the property. In addition, JLL worked on behalf of DML to secure the fixed-rate acquisition loan.

The Offices at Kensington is located at 1600 and 1650 Highway 6, at the intersection of Highway 6 and Highway 59, Sugar Land’s “main and main” intersection. The property is highly visible to the 157,000 vehicles per day that pass through this intersection, JLL reported.

The four-story buildings are 84.1 percent leased to a diverse rent roll of tenants in the real estate, accounting, engineering and consulting industries, among others. The properties are comprised, primarily, of suites under 5,000 SF, which fits the needs of smaller office tenants that dominate the Sugar Land market.

JLL’s Investment Sales & Advisory team representing the seller was led by Senior Director Rick Goings and Managing Director Marty Hogan.

JLL’s Debt Advisory team representing the borrower was led by Managing Director Michael Johnson and Director Michael King.

DML Capital is a Houston-based private equity firm focused on the development and acquisition of primarily, retail real estate assets within the Texas Triangle. DML Capital was formed in 2009 by Sajjid Dawood, Anil Mohammed, and Saleem Lakhani.


March 6,  2024 Realty News Report Copyright 2024

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Image: Courtesy JLL

File: Two-Building Office Complex Acquired . Sugar Land. Two-Building Office Complex Acquired

 

 

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