SUGAR LAND – (Realty News Report) – Songy Highroads has acquired Sugar Creek Place I, a 151,722-square-foot, Class A office building located along the Southwest Freeway in Sugar Land.
The six-story property is currently 86 percent leased, according to Songy Highroads, an Atlanta-based real estate firm with substantial holdings in the Houston area.
Over the past five years, the building has received more than $1.7 million in capital improvements. Enhancements include a new conference center, an upgraded tenant lounge and common areas, a renovated lobby and corridors, and a four-story structured parking garage.
“Sugar Creek Place I fits Songy Highroads’ value-add investment strategy as a well-located asset in a growth market,” said SHR Senior Vice President Foster Durkee. “We will implement a targeted, strategic capital plan to further enhance the property and position it as one of the top leasing options in Sugar Land.”
SHR has engaged Transwestern Commercial Services to handle leasing for the building at 14100 Southwest Freeway.
Songy Highroads has completed several recent acquisitions and developments across the Houston region, including:
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777 Post Oak
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5433 Westheimer
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Halliburton | Landmark Building on Memorial at Eldridge
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Galleria Place I & II
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Hyatt Regency and Hyatt Place hotels at the Galleria
In addition, SHR recently purchased a resort site planned for development as Margaritaville at Lake Conroe. The 335-room hotel is scheduled to open next year.
Songy Highroads cited Sugar Land’s steady population growth as a key factor in the acquisition. “The area’s low unemployment and strong infrastructure have made it one of the most desirable places in greater Houston to live and work,” the firm said. “Supported by a diverse economic base, quality product and solid demand drivers, Sugar Land has one of the lowest office vacancy rates among major Houston submarkets and has outperformed the broader market over the past five years.”
Oct. 22, 2019 Realty News Report Copyright 2019
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