JLL Capital Markets closed the sale of a three-property office portfolio totalling 570,045 square feet in Houston’s Energy Corridor.
JLL represented the seller, a court appointed receiver, and procured the buyer, LFFP Ashford Portfolio.
The portfolio consists of Ashford 5 at 14701 St. Mary’s Ln.; Ashford 6 at 1155 Dairy Ashford Rd. and Ashford 7 at 900 Threadneedle St. The three buildings sit on 12.23 acres immediately adjacent to Interstate 10 and near Beltway 8, providing access to the entire Houston metropolitan area within approximately 25 minutes. The Energy Corridor has been the fastest growing area of Houston and has witnessed tremendous leasing momentum over the last 12 months. In addition to its excellent transportation access, the immediate area is highly amenitized, offering a variety of retail, dining and entertainment options, including Westchase District, CityCentre and Memorial City.
Renovated between 2014 and 2016, the portfolio offers tenants a fitness center, tenant lounges and separate parking garages serving each building. The eight-story properties are 58% occupied overall with a current weighted average lease term of 4.7 years.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Marty Hogan and Kevin McConn. Rick Goings, John Ream, and Clay Anderson of JLL Capital Markets also represented the buyer in the assumption and modification of the in-place loan.
