JLL Capital Markets secures sale of North Loop West office property in Houston
Increased investor interest prompts sale of office asset.
HOUSTON, January 14, 2019 – JLL Capital Markets experts announced the sale and financing of 1919 North Loop West in Houston today. The six-story, 129,250-square-foot office property was acquired by BS North Loop West LLC, an affiliated entity of Simpkins Group Inc.
JLL Capital Markets Managing Director Rudy Hubbard, Senior Vice President Kevin McConn and Vice President Rick Goings led the sales and marketing efforts for the property on behalf of the seller, Weingarten Realty Investors. JLL’s Managing Director Paul House and Senior Vice President John Ream arranged acquisition financing on behalf of the buyer.
“Office properties along the North Loop West area have seen a significant uptick in investor interest over the past several quarters thanks to increasing occupancy rates, revitalized multifamily nearby and new, quality amenities coming online,” said Hubbard. “With our state’s strong economic fundamentals and local economy humming along, this was a perfect opportunity to transition the asset. It’s a real win-win for all parties involved.”
1919 North Loop West’s location was a featured selling point in the marketing of the property. There is a growing healthcare need given the property’s proximity to Memorial Hermann Greater Heights Hospital. Additionally, subdivisions in the immediate area have become increasingly popular over the past several years for young professionals and families. The property is also a short drive from The Galleria and Downtown Houston.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’ in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com