Boutique Office Tower Trades Hands, Market briefs

In Houston, Dallas-based Camco Investment Group has purchased 5300 Memorial Drive, a boutique office building three miles west of downtown Houston.

JLL Capital Markets represented the seller, an affiliate of Equus Capital Partners, and arranged purchase financing.

The 11-story building, located on the corner of Detering Street and Memorial Drive in the Rice Military community, contains 153,671 sq ft.

JLL Managing Directors Marty Hogan and Kevin McConn marketed the property on behalf of the seller. Senior Director John Ream arranged a five-year purchase loan through Houston-based Cornerstone Capital Bank.

“5300 Memorial was highly sought after by investors due to its strong in-place cash flow, exceptional location in the heart of the city and recent renovations,” said Hogan.

Located just west of Shepherd Drive, the property is near Memorial Park, Buffalo Bayou Park, and high-end residential communities including River Oaks. Nearby, construction is in progress on St. Regis Residences, a 35-story condo tower along Buffalo Bayou. The building is across the street from the mid-century Memorial Towers apartments, about four miles east of Uptown.

Equus, which is headquartered in the Philadelphia area, purchased the building 10 years ago and renovated it in 2019. The building connects with a 444-space, six-level parking garage and is 90% leased to a variety of tenants.

“The debt capital markets continue to open up for well-located, well-leased office assets and as we’re seeing across the board, 5300 Memorial attracted a variety of lenders ranging from life companies, to local banks to national banks,” Ream said.

Founded in 2020, Camco Investment Group specializes in commercial real estate across the Southwest and Southeast United States.