Stage X Group has entered the Houston market with the acquisition of a 165,399-square-foot workplace constructing in Uptown District. A authorized entity linked to Elite Road Capital bought the property at 2100 W. Loop S. for an undisclosed value, in response to Harris County information.
Public information additionally present Farmers & Retailers Financial institution supplied Stage X with an $11 million acquisition mortgage. The bridge financing has a maturity date set for September 2024. The property beforehand modified arms in 2017, in response to CommercialEdge knowledge.
The 16-story constructing dates again to the Seventies and options 10,500-square-foot floorplates, 4 passenger elevators, 579 parking spots and first-floor retail house. The property affords direct entry to flooring one by means of 4 from the parking storage.
A part of the Galleria submarket, the 1.3-acre website is positioned between Westheimer Highway and San Felipe Road, throughout Interstate 610 and near Interstate 69. The workplace asset is 1 mile away from The Galleria, the state’s greatest procuring middle, and roughly 10 miles away from downtown Houston.
Stage X Group Associate Jamail Virani was the chief of the acquisition, in response to the Houston Enterprise Journal. Lee & Associates Principals Robert LaCoure and Jill Nesloney, Co-Managing Principal Chris Lewis and Affiliate Bryce Adams might be answerable for leasing and also will present property administration providers.
A price-add funding
The brand new possession’s capital enchancment plan contains upgrades to the foyer and convention room, in addition to the addition of a tenant lounge, health middle and sport room—all scheduled to be applied subsequent yr, in response to LaCoure. The constructing’s present tenant roster contains Layton Vitality, Ocean Movement Worldwide, Dahill Workplace Expertise Corp. and Premier Efficiency Bodily Remedy.
Greater than 13.4 million sq. ft of workplace house have modified arms within the Houston metro year-to-date as of October, CommercialEdge knowledge reveals. Transactions included Hines International Earnings Belief’s $145 million buy of a 206,000-square-foot asset, in addition to Workplace Properties Earnings Belief’s sale of a 206,400-square-foot constructing comprising the Males’s Wearhouse company headquarters.
