Denver Investment Firm Purchases Office Building for $27.4M
Northstar Commercial acquired an office property in Sugar Land.
SUGAR LAND — Northstar Commercial Partners, a Denver-based investment firm, has purchased the office building at 77 Sugar Creek Center Boulevard in Sugar Land. The 143,000-square-foot property sold for $27.4 million.
Known previously as Two Sugar Creek, the Sugar Creek building comprises mid-sized office suites and hosts more than 35 tenants. The property is currently 94 percent leased. Velocis acted as the seller in the transaction.
“I love the Texas market, specifically in and around the Houston area,” said Brian Watson, founder and CEO of Northstar Commercial Partners. “This is a vast and expanding market that many project will surpass Chicago as the third-largest city in the United States. The Sugar Creek property is a solid building with a covered parking structure, and we plan to continue leasing to quality tenants in a competitive market.”
Since founding Northstar in 2000, Watson has led the company through more than 139 transactions. Northstar’s current portfolio spans 48 properties across retail, office, industrial/warehouse, medical, senior care, data center, and daycare sectors in 15 states, under various investment, development, and management arrangements. The portfolio’s potential market value exceeds $1.4 billion.
