Done Deals: HFF closes sale and arranges financing for 3-property office portfolio adjacent to Houston’s Tanglewood and Memorial Villages neighborhoods

7500 San Felipe, Houston, TX

HOUSTON, TX –– HFF announces that it has closed the sale of a three-property office portfolio totaling 544,291 square feet in an urban infill location adjacent to some of Houston’s most prestigious residential neighborhoods, including Tanglewood and Memorial Villages.

7500 San Felipe front view

HFF marketed the property on behalf of the seller, a partnership led by Unilev Capital Corporation, and procured the buyer, CapRidge Partners, LLC.

Craig McKenna

Additionally, HFF worked on behalf of the buyer to secure the four-year, floating-rate acquisition/bridge financing through New York Life Real Estate Investors on behalf of New York Life Insurance Company.

The portfolio comprises 1616 Voss, 7500 San Felipe and 6363 Woodway, which are positioned west of Houston’s Galleria area.

The three assets are walkable to an abundance of retail amenities, including Whole Foods, Kroger, Trader Joes and numerous dining options.

Additionally, the portfolio is proximate to Houston Country Club, one of Houston’s oldest and most prestigious country clubs.

Matthew Asvestas

The portfolio will go through an extensive renovation and repositioning with roughly $15 million allocated across the three buildings. These improvements will include significant upgrades to building systems, comprehensive common area improvements and innovative tenant-centric amenities.

The portfolio will be leased by Craig McKenna and Matthew Asvestas with Stream Realty Partners.

Dan Terpening, director at CapRidge Partners, said, “We are excited to expand CapRidge Partners’ presence in the dynamic Houston market. The portfolio provides a great opportunity to add value by utilizing our disciplined investment experience and operational excellence.”

The HFF investment advisory team representing the seller included senior managing director H. Dan Miller, senior director Martin Hogan and analyst Johnny Kight.

Dan Terpening

HFF’s debt placement team representing the new owner was led by managing director Jim Curtin and senior managing director Andy Scott.

Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.

About Unilev Capital Corporation

Unilev Capital Corporation is a privately held real estate investment organization that also invests with a select, limited group of private and institutional partners to acquire well-located, income-producing commercial properties with both a short-term opportunistic strategy and a long-term, low-risk investment horizon.

Unilev’s Houston portfolio includes Galleria Towers I and II, Galleria Financial Center, One and Three Riverway and other office and retail properties.

Jim Curtin

About CapRidge Partners

CapRidge Partners is a fully integrated investment management and operating company focused on value-add office properties in nine select U.S. markets, including Houston.

Their strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects. Since 2012, CapRidge has purchased 33 office buildings.

About New York Life Real Estate Investors

New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.