Tampa Bay Buccaneers Owner Buys Sugar Land Office Tower With Cash, No Loan
A Sugar Land office building, located at Dairy Ashford and the Southwest Freeway, has been sold.
SUGAR LAND, Texas – One Sugar Creek Center, also known as the Comerica Bank Building, a 194,000-square-foot office tower located about 19 miles southwest of downtown Houston, has been acquired by Kevin Glazer, founder and CEO of Glazer Properties.
Glazer, who is a co-owner of the NFL’s Tampa Bay Buccaneers, completed his inspection and closed the transaction in just 37 days.
Because the purchase was made with cash from internal funds, Glazer was able to close the deal rapidly. Without financing contingencies or lengthy approval processes, his acquisitions typically proceed swiftly, according to a press statement announcing the sale. Glazer Properties’ portfolio includes Class A office and retail assets across the United States.
In addition to his stake in the Buccaneers, Glazer is part of the ownership group of Manchester United Football Club in England.
The 11-story One Sugar Creek Center is approximately 90 percent leased and sits near the interchange of the Southwest Freeway (I-69/US 59) and US Highway 90, serving tenants in a prominent suburban office market.
HFF brokers Dan Miller, Martin Hogan and Johnny Kight represented the seller, Equus Capital Partners, which is based in Philadelphia.
The building received renovations in 2017 and houses tenants such as Comerica Bank, Wholesome Sweetners, Amerex Natural Gas and Alamo Environmental. The tower is positioned along Dairy Ashford Road in Fort Bend County, an area historically linked to sugar production; the Imperial Sugar Company was founded nearby in 1843.
