An almost 158,000-square-foot office building has sold in West Houston.
Houston-based Fuller Realty Partners and ICP Funds purchased the property through a partnership for an undisclosed price, according to RE Business Online. San Antonio-based USAA Real Estate sold the office building, known as Park Ten Plaza, within a 550-acre master-planned development on Houston’s west side.
The office building at 15115 Park Row Blvd. was created in 1999 on a 12-acre property, according to Commercial Search. Each floor is roughly 52,500 square feet, according to LoopNet.
The purchase underscores the heightened interest in real estate investments in Texas, which has become a landing spot for corporate headquarters relocations and company expansions during the pandemic.
Rick Goings, Kevin McConn, Marty Hogan and Jack Moody of JLL represented USAA, RE Business Online reported. Cameron Cureton and Wally Reid, also with JLL, arranged the acquisition financing. The price wasn’t disclosed.
The office development off Interstate 10 and Addicks Satsuma Road was 94 percent leased at the time of the sale.
Fuller Realty owns other office properties in the Houston area such as Texas Technology Park, Park Laureate and West Memorial Place, according to its website.
In the first quarter of 2022, the Houston metro area ended an eight-quarter streak of falling office occupancy and recorded positive net absorption of more than 22,300 square feet, according to JLL. Vacancy was roughly 28 percent, and the quarter ended with almost 600,000 square feet under construction, 43 percent of which is pre-leased.
[RE Business Online] — Kathryn Hardison
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