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