HOUSTON, TX – Investors continue to flock to Houston and they have set their sights on the Energy Corridor in west Houston.
Most recently, CapRidge Partners LLC purchased the Woodbranch Building at 12012 Wickchester for an undisclosed amount free and clear of debt. CapRidge, an investment company headquartered in Austin, bought the 109,471-square-foot office building from Parkway Properties. Dan Miller and Marty Hogan of HFF represented the seller.
The Woodbranch Building is situated on 3.7 acres near the northwest corner of Kirkwood and Interstate 10. Since 2002, the property has undergone significant capital improvements and is 100% leased.
In other Energy Corridor action late last week, PM Realty Group (PMRG) announced Atlas U.S.A. Holdings LLC purchased 35 acres along I-10 and Memorial Drive, currently home to the ExxonMobil Chemical Company. PMRG and Atlas plan to develop a mixed-used development with a large office component, plus a hotel, retail and multifamily.
ExxonMobil Chemical Company will remain at the Energy Corridor site this year before moving to North Houston in 2015.
“This (ExxonMobil Chemical) site in the heart of the Energy Corridor, is without question one of the best in Houston, a city which is now a model for new development projects in the United States,” said Tim Relyea, Cushman & Wakefield Executive Vice Chairman, Brokerage. “Finding this size of tract within close proximity to the city is getting harder and harder to come by, so it represents an excellent development opportunity.”
Class A office space in the Energy Corridor area is 99% leased and over 5 million square feet is under construction.