Austin’s CapRidge Partners buys trio of Galleria-area office buildings
Austin-based CapRidge Partners has purchased a trio of office buildings near the affluent Tanglewood and Memorial Villages neighborhoods from a partnership led by Unilev Capital Corp. Terms were not disclosed. HFF marketed the properties and arranged acquisition financing through New York Life Real Estate Investors. The properties at 1616 Voss, 7500 San Felipe and 6363 Woodway total 544,291 square feet and are 80% leased. The buildings, about 3 miles northwest of the Galleria, were built between 1979 and 1983.
CapRidge plans to spend $15 million on upgrades to building systems and common areas and to add other tenant amenities. Current asking rents of about $19 per square foot per month are expected to go up with the improvements, which will bring high-end finishes in the lobbies, new elevator cabs, lighting and renovated corridors, according to CapRidge.
The floating rate bridge loan has a term of four years plus an extension option with interestonly payments, according to New York Life.
“This transaction is an example of our ability to provide competitive value-add financing with specific loan terms tailored to meet the sponsor’s renovation and lease-up objectives,” Ryan Doyle, New York Life Real Estate Investors director, said in an announcement.
H. Dan Miller, Martin Hogan and Johnny Kight represented the seller, while HFF’s Jim Curtin and Andy Scott arranged acquisition financing. Craig McKenna and Matthew Asvestas with Stream Realty Partners will handle leasing at the properties.
CapRidge Partners, which has purchased 33 office buildings since 2012, owns 12012 Wickchester and Briar Forest Crossing at 1300 W. Sam Houston Parkway in Westchase in the local market.
The company, which also invests in Charlotte, N.C., Nashville, Tenn., Atlanta, Austin, Dallas, Denver and Phoenix, typically keeps assets from two to seven years.
Unilev, which is based in the Los Angeles area and has a property management arm in Houston, owns Galleria Towers I and II, Galleria Financial Center, One and Three Riverway and other office and retail properties in the Houston area. The company has been renovating its Houston office buildings.