HOUSTON – An affiliate of Fuller Realty Partners has purchased Westchase Place, a Class A, six-story office building at 11200 Richmond Avenue in Houston’s Westchase District.
JLL brokers Rudy Hubbard, Kevin McConn and Rick Goings represented the seller, CAPSTAR Real Estate Advisors.
Fuller Westchase Place, Ltd., an entity affiliated with locally based Fuller Realty Partners, acquired the property for an undisclosed amount.
The building features a brick-and-glass façade, more than 150,000 square feet of office space and a three-level parking garage. Both the building and garage were completed in 1999 and received significant renovations in 2009 and 2013.
The buyer plans to make aggressive improvements to the vacant spaces to accelerate leasing. Fuller Realty Partners will handle property management and leasing.
Earlier this summer, Fuller Realty also purchased a two-building Class B office portfolio in the Energy Corridor. Known as Parkview I and II, that portfolio was 11 percent leased at closing and includes a 110,000-square-foot building at 330 Barker Cypress Road and a 65,000-square-foot building at 333 Cypress Run. JLL’s Rudy Hubbard, Kevin McConn and Rick Goings were involved in that transaction as well.
These acquisitions signal that Fuller Realty Partners, a long-standing Houston investor, sees rebound potential or upside opportunity in West Houston’s office market. The Energy Corridor, once a top national submarket with Class A occupancy near 99 percent a decade ago, suffered a downturn after the regional energy industry contraction and the impact of Hurricane Harvey in 2017.
Sept. 9, 2019 Realty News Report Copyright 2019
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