Energy Corridor office asset trades to new owner

HOUSTON Oct. 3, 2023 –  JLL Capital Markets announced today that it has completed the sale of Memorial Pointe, a 226,586-square-foot office building in Houston’s Energy Corridor.  

JLL represented the confidential seller in the transaction. Interra Capital Group purchased the fee simple interest in the asset for an undisclosed amount.

Memorial Pointe is an 11-story, Class B office building that has undergone multiple upgrades since 2017, including a newly renovated lobby. The building boasts an average suite size of 2,600 square feet, which is well-suited to meet the submarket’s smaller tenant base. Memorial Pointe is currently 25% leased.

Strategically located at 11767 Katy Freeway, the property is positioned on 2.5 acres in the heart of the Energy Corridor. Memorial Pointe offers immediate access to Interstate 10, Houston’s main east/west thoroughfare, and connectivity to The Beltway and Loop 610. Houston’s Energy Corridor boasts more than three million square feet of restaurants, entertainment venues and retail establishments and draws employees from the nearby neighborhoods of The Villages, Cinco Ranch, Sugar Land and West Houston.

In response to the acquisition of Memorial Pointe, Jack Polatsek, Principal at Interra Capital Group, stated, "This asset aligns perfectly with our distressed acquisition strategy. The ongoing disparities in the office market, coupled with interest rate challenges, are presenting significant opportunities for our firm. Memorial Pointe's strategic location in Houston's Energy Corridor, along with recent upgrades, positions it as an attractive investment within our portfolio.”

The JLL team was led by Senior Director Rick Goings from Capital Markets, and Senior Managing Director Tom Hall and Managing Director Chad Coluccio from the Loan Sales group.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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