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Acquisition of the 195,525 total square feet of office space at 12301 Kurland in the Gulf Freeway submarket
HOUSTON, Dec. 13, 2012 — Jones Lang LaSalle (NYSE: JLL) today announced the firm’s Capital Markets experts have closed the sale of 12301 Kurland, a four-story 195,525-square-foot office building in Houston’s Gulf Freeway submarket. Managing Director Rudy Hubbard and Vice President Kevin McConn led the Jones Lang LaSalle team representing the seller, Capital Commercial Investments, Inc.
On behalf of the buyer, Mission Companies, the firm also secured a senior mortgage loan through Deutsche Bank, which provided a 10-year CMBS loan to facilitate the acquisition of the property. Jones Lang LaSalle’s Managing Director Paul House and Vice President John Ream led the team on this transaction.
“This property, which is 92 percent leased to five tenants and designed to withstand hurricane-force conditions, offers many upsides that were recognized by the buyer,” said Hubbard. “One major factor in this sale was the superior location, three blocks from the I-45 thoroughfare that connects the submarket with the Central Business District; and one-half mile north of the Sam Houston Tollway, which encircles the city and provides direct access to all major Houston submarkets. 12301 Kurland is also located in close proximity to the Port of Houston, home of the Houston Ship Channel and a $15 billion petrochemical complex, the largest in the nation and second largest in the world.”
Situated on 12 acres of additional land, the building was renovated in 2006 with more than $7 million in upgrades, including new lobby and ADA restrooms, a Johnson Controls Metasys energy management system, a monument sign and HVAC upgrades. The office building includes a basement and lower level with a three-bay loading dock.
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About Capital Commercial Investments, Inc.Capital Commercial Investments, Inc. (CCI) is a real estate investment firm based in Austin, Texas, which specializes in locating and purchasing undervalued commercial investment properties throughout the United States. Our core investment belief when we started CCI over 18 years ago was "Capital Preservation First, Profits Second." After more than 100 limited partnerships and the launch of our CCI Private Equity Funds, we remain unwavering in our commitment to this credo. Additional information about Capital Commercial Investments, Inc. can be found at www.capitalcommercial.com.
About Mission CompaniesThe Mission Companies were initially started in the mid '80s with Mission Management Company incorporated in 1986. Additional companies were subsequently established to provide all segments of commercial office and medical office real estate development capabilities, including acquisition, property management, leasing, construction management and sales services. Additional information about Mission Companies can be found at www.missioncompanies.com.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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