HOUSTON–Stockdale Capital Partners has purchased Sugar Creek I and II for an undisclosed sum. The 409,168-square-foot office park in Sugar Land was sold by Granite Properties and MetLife.
Sugar Creek houses both the corporate headquarters of Noble Drilling Corp. and the business address of United Healthcare. The two-building portfolio is 96.1% occupied. Amenities include a fitness center, deli, conference rooms and bank.
Sugar Land is one of the strongest Houston submarkets.
“We are excited to make this substantial investment in Sugar Land,” says Stockdale managing principal Steven Yari. “The city is on a very impressive growth trajectory and we believe Sugar Creek I & II will be a direct beneficiary of that growth.”
HFF’s Jeremy Womack secured the financing for the purchase.
This is Stockdale’s second major acquisition in the Southwest area, in the last six months. As GlobeSt.com reported, CBRE negotiated the sale of Galleria Corporate Centre, a 537,110 square-foot, class-A, mixed-use office and retail project, located at 4301 and 4343 N. Scottsdale Rd. in Scottsdale. New York-basedJEMB Realty Corporation sold the 90% occupied building.
“Given our history and presence in Scottsdale for over 20 years we are excited about further investing into the community at such a compelling time in the market. Our partnership with Oaktree makes us equally excited and we look forward to making this investment opportunity a success for everyone involved,” said Steven Yari, managing partner of Stockdale Capital Partners, at the time of the sale.
The Los Angeles-based company has recently turned its focus to the Southwest market, giving special emphasis to metropolitan Houston, Phoeniz/Scottsdale and Southern California.
Stockdale was unable to respond to questions before deadline.