Investor picks up Class B office building in Houston’s Energy Corridor
JLL Capital Markets marketed 12012 Wickchester on behalf of the seller, CapRidge Partners, LLC
JLL marketed the property on behalf of the seller, CapRidge Partners, LLC, and procured the buyer, Woodside.
12012 Wickchester is located directly north of the Katy Freeway between Kirkwood Rd. and N. Eldridge Pkwy in West Houston. The 3.7-acre site is positioned in the heart of the Energy Corridor, Houston’s third largest employment center boasting many 500 companies and multi-national energy companies as well as proximity to some of the city’s wealthiest executive neighborhoods in the Memorial Villages. In addition, the property is close to a significant amenity base highlighted by Town & Country Village, CITYCENTRE and Memorial City.
Renovated in 2021, 12012 Wickchester offers six stories of office space with an on-site deli and a 3.5/1,000 structured parking garage. The building caters to smaller multi-suite floorplans and excels by providing tenants with a Class A Energy Corridor location. The property was 61% leased to a diversified stable of tenants at time of sale.
The JLL Capital Markets Investment and Sales Advisory team representing the seller was led by Managing Directors Marty Hogan and Kevin McConn.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Capridge Partners
CapRidge Partners is a vertically integrated investment management company with decades of experience as both a local operator and an institutional investor. Their strategy is to acquire well-located office and flex/light industrial assets in nine select U.S. markets. They target assets that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects. Since 2012, CapRidge has acquired 81 office and flex/light industrial buildings.
Woodside is a Texas-based, vertically integrated real estate fund manager that primarily acquires small balance commercial real estate and non-performing real estate loans. For more, please visit: woodsidecp.com.