HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of the Binz Building, (photo at right) a 119,436-square-foot office building in downtown Houston. Senior managing director Dan Miller and associate director Marty Hogan led the HFF investment sales team exclusively on behalf of the seller, RPD Catalyst. Royal Investors Group, LLC purchased the property free and clear of debt for an undisclosed amount.The Binz Building has a 13 stories of office space that is 89% leased to tenants including MCIMetro and Grande Communication Network, and an eight-level, 457-space attached parking garage. On-site amenities include overnight shipping services, a hair salon and two restaurants. Located at 1001 Texas Avenue, the property is accessible via Interstate Highways 10 and 45 and is adjacent to the METRORail line in downtown Houston.
“The Binz Building has immediate upside potential through the lease-up of vacant space, as well as the opportunity to increase below-market, in-place rents that are almost $5 per square foot below current market rental rates,” said Miller.
Royal Investors Group, established on October 8, 1996, is a private limited liability company duly registered in the State of California. It has been engaged in the purchase and sale of properties in the Antelope Valley, including the cities of Lancaster and Palmdale, and the unincorporated areas of Los Angeles and Kern Counties, for the past 10 years.
Its primary business involves assembling large parcels of land and subdividing the properties into single-family residential home sites. Typical projects range in size from 10 to 100 acres, however, the principals and partners of Royal Investors Group have also been involved with properties as large as 1,000 acres.
In the last two years, Royal Investors Group purchased more retail centers in Texas and is interested in acquiring more office, medial and retail centers throughout the state.
Contacts:
Laurie Fish McDowell
Associate Director HFF
Associate Director HFF
One Post Office Square, Suite 3500
Boston, MA 02109
tel 617.338.0990
tel 617.338.0990
fax 617.338.2150
MARTIN T. HOGAN
HFF Associate
(713) 852-3500
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