Investing firm buys its first Houston office building
Arlington-based Sky Walker Property Partners has entered the Houston market with the acquisition of One Northwind Plaza, an eight-story office building at 7600 W. Tidwell in northwest Houston.
The buyer, which purchased the building on behalf of its When Opportunity Knocks fund, plans to invest upward of $1 million on improvements, the company said. The 141,480square-foot building opened in 1980 and is 66 percent leased. It’s midway between Loop 610 and Beltway 8 near U.S. 290, which is winding up an expansion that started in 2011.
“We have been looking for 18 months in earnest to find something in Houston that we like,” acquisitions director Clint Holland said in an announcement.
“When the freeway construction wraps up this year, we believe One Northwind Plaza will be well-positioned for any uptick in submarket activity.”
Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, Aegon Asset Management. Pinnacle Bank provided acquisition financing.
The building, on three acres, drew multiple bids as investors focus on Houston properties that are poised to gain value as vacancies are filled, buildings are enhanced and market conditions improve, Goings said.
The building received more offers than Goings said he would have expected during the market’s heyday in 2013.
Other recent office sales include Marathon Oil Tower near the Galleria, Bellaire’s Pin Oak Park office complex and Brookhollow Central in northwest Houston.
One Northwind Plaza is leased to a mix of tenants including Car Research, Smith & Burgess, Extremetix and Veri Source. Transwestern’s Monte Calvert and Michelle Wogan will continue to provide leasing and management services.
Sky Walker Property Partners invests in office, industrial, flex and retail properties ranging from $1 million to $15 million.