JLL completes sale, financing of office asset in Sugar Land
Sugar Land is consistently ranked at the top of Houston’s best-performing submarkets
HOUSTON, October 29, 2019 – JLL announced today that it has completed the sale and arranged acquisition financing for Sugar Creek Place I, a 151,772-square-foot, Class A office building in the Houston-area community of Sugar Land, Texas.
JLL represented the seller, HighBrook Investors, and procured the buyer, Songy Highroads LLC. Additionally, JLL worked on behalf of the new owner to secure the three-year, floating-rate acquisition financing through an affiliate of Marathon Asset Management, L.P.
Sugar Creek Place I is prominently located at 14100 Southwest Freeway at the corner of Interstate 69 and Commerce Green Boulevard in Sugar Land, one of Houston’s most sought-after and best performing suburbs. The property has direct access to several primary transportation thoroughfares including Beltway 8, Westpark Tollway, Grand Parkway and U.S. 90, and has convenient access to Sugar Land’s residential communities of First Colony, Greatwood, New Territory, River Park and Imperial. Recently renovated, the six-story office asset is 86% leased to a diverse tenant roster representing a broad range of business sectors, including energy, real estate, consulting, education, healthcare and finance.
The JLL Capital Markets team representing the seller was led by Senior Director Martin Hogan and Senior Managing Director Dan Miller.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ed Coco and Directors Matt Casey and Michael Johnson.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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. 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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
HighBrook Investors is a real estate private equity firm that was founded in 2010 as a unique entity blending best practices from both the private equity and hedge fund industries. As a value-oriented investor, the company acquires and actively manages property investments across North America and Europe, which are typically in need of repositioning or restructuring. For more information, please visit: highbrookinvestors.com.
Songy Highroads LLC (SHR) is a commercial real estate firm that acquires, renovates, develops, and manages institutional quality real estate projects primarily throughout the Southeastern United States. SHR targets particular emphasis in the office, hotel and mixed-use sectors. The SHR business model is to strategically acquire or manage income properties in select viable markets that require enhanced operating performance or physical upgrades. Additionally, the company acquires strategically located unimproved sites in selected markets for ground up development projects.