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| 2001 Timberloch, Woodlands, TX |
HOUSTON, TX – HFF announced it has closed the sale of 2001
Timberloch, a 145,580-square-foot office building in The Woodlands, Texas.
HFF
marketed the property on behalf of the seller, CBRE Global Investors advising
on behalf of CalSTRS. Principal Real
Estate Investors purchased the asset for an undisclosed amount.
2001
Timberloch is situated on an 8.1-acre site in the mixed-use Town Center of the
Woodlands development in The Woodlands.
Renovated in 2007, the property is fully leased to tenants Repsol USA
and Entergy Services.
 |
| Dan Miller |
The
HFF investment sales team representing the seller was led by senior managing
director Dan Miller and associate director Trent Agnew.
“While 100 percent leased at the time of sale, it is
expected that a 90,000-square-foot tenant will vacate in April 2015
representing a rare opportunity to purchase a value-add office building in
Houston’s best performing submarket,” said Miller.
The
California State Teachers’ Retirement System, with a portfolio valued at $155.4
billion as of September 30, 2012, is the largest teacher pension fund and
second largest public pension fund in the United States.
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| Trent Agnew |
CalSTRS administers a
hybrid retirement system, consisting of traditional defined benefit, cash
balance and defined contribution plans, as well as disability and survivor
benefits. CalSTRS serves California's 856,000 public school educators and their
families from the state’s 1,600 school districts, county offices of education
and community college districts.
Principal Real Estate Investors manages or sub advises $42.7
billion in commercial real estate assets. The firm’s real estate capabilities
include both public and private equity and debt investment alternatives.
Principal Real Estate Investors is the dedicated real estate group of Principal
Global Investors, a diversified asset management organization and a member of
the Principal Financial Group®.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
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