Fuller Purchases Energy Corridor Office Buildings with 11% Vacancy
JLL Capital Markets handled the sale of Parkview I and II in the Energy Corridor in west Houston.
HOUSTON – Fuller Parkview LLC, an affiliate of Fuller Realty Partners, has acquired a two-building Class B office portfolio in the Energy Corridor of west Houston. The properties are located south of Interstate 10 and were purchased with current occupancy of approximately 11 percent.
The seller, LNR Partners, was represented in the transaction by JLL Capital Markets brokers Rick Goings, Rudy Hubbard and Kevin McConn.
Known as Parkview I and Parkview II, the assets were built in the 1980s. The larger building at 330 Barker Cypress Road totals about 110,000 square feet, while the second building at 333 Cypress Run is approximately 65,000 square feet.
“This property gave investors the chance to acquire a well-positioned portfolio that features structured parking levels well above the market standard in a submarket that is beginning to recover,” said Rick Goings. “The Energy Corridor has led Houston in leasing activity over the past two quarters, driven by significant, long-term commitments from energy and engineering firms. This portfolio is well placed to benefit from the market’s upward momentum.”
