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| 7700 San Felipe Street office building, Houston, TX |
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| Dan Miller |
HOUSTON, TX – HFF announced
today that it has closed the sale of and arranged financing for 7700 San
Felipe, a five-story, 100,716-square-foot office building in Houston, Texas.
HFF marketed the property on behalf of the seller, a
joint venture between Dallas-based Velocis Fund and Houston-based Fuller Realty
Partners LLC, and procured the buyer, a local investor represented by Hicks
Ventures.
HFF’s debt placement team worked on behalf of the buyer to secure
a fixed-rate loan with Nationwide Bank, one of HFF Houston’s correspondent life
company lenders, for the purchase of the property.
7700 San Felipe is situated on a 2.2-acre site close
to the intersection of South Voss and San Felipe in the West Loop/Galleria
submarket of Houston, adjacent to the residential neighborhoods of the Memorial
Villages and Tanglewood and a short drive from Interstate 10 and the
Galleria.
The property is 95 percent
leased and features a 257-space parking garage.
The HFF investment sales
team representing the seller was led by senior managing director Dan
Miller and director Martin Hogan.
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| Martin Hogan |
HFF’s debt placement team
representing the buyer was led by associate director Corby Chaffin.
Fuller Realty Partners, LLC
was established in 1979. Fuller is a
privately owned, full service commercial real estate firm headquartered in
Houston, Texas. The principals of
Fuller have been partners since 1994 and have a collective 75 years of
commercial real estate experience.
Velocis is a private equity
real estate fund, active in the acquisition, operation/management, and
disposition of commercial real estate in the United States. Velocis has
approximately $280 million in total assets under management and after the sale
of 7700 San Felipe, currently owns eight assets in Texas, one in Denver,
Colorado, one in Florida and one in Atlanta, Georgia.
Velocis consists of two entities: Velocis Fund, LP and
Velocis Advisors, LLC. Velocis Fund, LP
is a private equity real estate fund, active in the acquisition,
operation/management, and disposition of commercial real estate in the United
States.
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| Corby Chaffin |
dditionally, Velocis Advisors,
LLC provides asset management and advisory services to both investors and real
estate clients. Additional information
about Velocis can be found at http://velocis.com/ .
Hicks Ventures, who
represented the buyer, generates proprietary deal flow through lengthy
relationships with JV equity players, mortgage brokers, investment sales
brokers, Life Co’s, banks and its 28 years of active participation in deals in
Houston and other markets.
The firm identifies and
purchases office buildings in quality sub markets that are attractively priced,
repositions and recapitalizes the asset while adding value through aggressive
management, marketing and leasing while preparing the project for sale to
maximize value in a 3-5 year horizon
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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