HOUSTON-Fuller Realty Partners LLC has partnered with PCCP LLCto acquire a two-building, class B office portfolio in the Galleriasubmarket through a lender-facilitated short-sale. The JV boughtthe 503,930-square-foot portfolio from The Ellman Companies for$33.5 million.
Phoenix-based Ellman bought the buildings, located at 2425 WestLoop and 1001 West Loop, from Fuller Realty in 2007, paying morethan $60 million for the 30-year-old assets. Fuller Realty owned2425 West Loop, which totals 281,590 square feet, from 1997 to2007, and 1001 West Loop, which totals 222,340 square feet, from2003 to 2007.
The acquisition marks the first time Fuller Realty and LosAngeles-based PCCP have partnered, according to Jed Lassere, seniorvice president with PCCP. The firm has two lines of business –bridge loans and equity investments.
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