JLL completes sale of value-add Houston office portfolio
Three office buildings totaling 254,225 square
HOUSTON, October 10, 2019 – JLL announced today that it has closed the sale of a three-property office portfolio totaling 254,225 square feet in Houston, Texas.
JLL marketed the property on behalf of the seller, HighBrook Investors, and procured the buyer, Hartman Income REIT.
The portfolio comprises 16420 Park Ten and 1400 Broadfield, which are located in the Park 10 Business Park in Houston’s Energy Corridor, as well as 7915 FM 1960, which is located adjacent to the Willowbrook Mall in northwest Harris County. All three properties are situated in busy commercial corridors and have exceptional freeway access being located along Interstate 10/Katy Freeway and Texas State Highway 249. Overall, the portfolio is 55% leased.
The JLL Capital Markets team representing the seller was led by Senior Director Martin Hogan.
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker.
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
About HighBrook Investors
HighBrook Investors is a New York-based real estate private equity firm that was founded in 2010, as a unique entity bringing to bear the best practices from both the private equity and hedge fund industries. As a value-oriented investor, HighBrook acquires and actively manages previously underperforming income producing property investments on a national basis. The firm specializes in recapitalizing properties that are encumbered by complicated financial structures, through executing transactions that typically require speed, flexibility and substantial capital infusions. As an entrepreneurial and well-capitalized organization, HighBrook is uniquely positioned in the marketplace. For further information on HighBrook Investors or if you wish to contact the firm, please visit: highbrookinvestors.com.
About Hartman Income REIT
Hartman Income REIT is one of Dallas and Houston’s premier property management companies. Hartman has owned and operated commercial office properties since 1983 in Dallas, Houston and San Antonio. For more information, please visit: hi-reit.com.