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| Kirkwood Tower, 11757 Katy Freeway, Energy Corridor Submarket, Houston, TX |
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| Susan Hill |
HOUSTON, TX – HFF announced it closed the sale of and
secured $30.8 million in acquisition financing for Kirkwood Tower, a
285,682-square-foot, Class A office building in the Energy Corridor submarket
in Houston, Texas.
HFF
marketed the property on behalf of co-owners Frontier Equity and Amstar. Rosemont Realty, LLC purchased the property
free and clear of debt.
HFF also
secured a 10-year, fixed-rate acquisition financing on behalf of the new owner
through Voya Investment Management.
Additionally, HFF closed the sale of this property and assisted in
securing joint venture equity for Frontier in 2012.
Kirkwood Tower is situated on 2.584 acres at 11757 Katy Freeway, west of
Beltway 8 between the Kirkwood and Dairy Ashford exits in the Energy Corridor
submarket of Houston.
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| Robert Williamson |
Renovated in 2013, the 15-floor office tower has undergone
significant capital improvements that have earned it the Energy Star rating
multiple years as well as The Building of the Year (TOBY) award in 2008.
The property
includes a six-level parking garage, fitness center on top of the building and
10-story glass enclosed atrium.
Currently 92 percent leased, tenants include the original building
developer, Mac Haik Enterprises; Preferred Bank and Skyline Executive Suites.
The
HFF investments sales team representing the seller was led by senior managing
directors H. Dan Miller and Robert Williamson, director Martin
Hogan and real estate analyst Wesley Hightower.
The
HFF debt placement team representing the buyer was led by senior managing
director Susan Hill and real estate analysts Michael Johnson and Dustin
Selzer. Additionally, director Cameron
Cureton led the 2012 equity transaction.
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| Wesley Hightower |
Kevin
Brands, managing partner of the Office Division for Frontier Equity,
acquired Kirkwood Tower in his first partnership with Amstar Group after
operating in Houston for many years as a partner with CMD Realty
Investors.
Frontier Equity is an
operating investment company based in Dallas, Texas, with a value-add focus to
invest in office and industrial assets with institutional scale.
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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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