Tuesday, July 2, 2013

The Lionstone Group Sells Waterway Plaza Buildings in The Woodlands, TX for Highest Price Per Square Foot Paid to Date for Suburban Houston Commercial Space

  
Waterway Plaza I and Waterway Plaza II, 
 10003 and 10001 Woodloch Forest Drive
The Woodlands, TX

Glenn Lowenstein
HOUSTON, TX – The Lionstone Group (lionstonegroup.com), a national real estate investor, today announced the sale of Waterway Plaza I and II in The Woodlands, Texas to Clarion Partners.

 Located at 10003 and 10001 Woodloch Forest Drive, the two, Class A office buildings total 366,074 square feet and are 98 percent leased with a single anchor tenant occupying more than 50 percent of the space under a long-term lease.

This is the second time in just a decade that Lionstone has bought and sold the Waterway Plaza properties, having previously acquired the buildings in December 2003 before selling in April 2005.  In both instances, Lionstone held the assets for less than 18 months.

Trent Agnew
                “We are very pleased to realize outstanding returns for the second time on behalf of our investors,” said Lionstone Chief Investment Officer Glenn Lowenstein. 

“We acquired the Waterway assets last June with 17 percent pending vacancy but with great conviction on the strength of the market and an irreplaceable location. 

“Our excellent relationship with the major tenant led to a long term extension of their lease and a talented leasing team at Transwestern Property Company allowed us to raise rents and increase occupancy to 98 percent, all in less than a year.”  

Robert Williamson
The buildings, which were completed in 2000 and 2001, are located in The Woodlands submarket of Houston--one of the strongest submarkets in the country in terms of occupancy.  “The Waterway Plaza assets have twice confirmed Lionstone’s cash flow investment thesis that select properties in high demand locations consistently will generate attractive returns for our investors,” noted Lowenstein.

                HFF marketed the property on behalf of Lionstone Cash Flow Real Estate Partners One (CFRE), a joint venture between Lionstone and a large state pension fund. 

The HFF investment sales team representing Lionstone was led by senior managing directors Jeff Hollinden and Robert Williamson and director Trent Agnew. 

Jeffrey Hollinden
According to HFF, Waterway Plaza sold for the highest price per square foot paid to date for suburban property in the Greater Houston Area.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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