HOUSTON--HighStreet Net Lease Group recently represented a Houston-based investor in the acquisition of 1305 Prairie in downtown Houston, a three-story office complex with retail on the ground floor. 

Matt Moake, an acquisition/disposition executive at HighStreet, represented the buyer. Fred Ghabriel with Bejjani & Associates represented the seller, a local partnership that owned the property for 30 years.

The historic building was constructed in 1920 and was once the site of General Sam Houston's home. It is 14,400 square feet and sits on 10,000 square feet of land. The new owner plans to extensively renovate the interior and exterior of the property, while preserving the structural integrity of the asset given its historical relevance over the last 95 years.

“This is an exciting purchase for our client, given the grand plans they have for the building in an area of downtown Houston that is seeing extensive positive change,” says Moake. “The acquisition was the up-leg in a 1031 exchange for our client, so timing was critical to ensure that we met the IRS mandated deadlines. We worked diligently throughout the feasibility period to make sure closing occurred ahead of schedule to achieve our client's exchange goals.”

The buyer chose the property due to the location and its potential. The building is in close proximity to the Harris County courts, Minute Maid Park, and adjacent to multiple new residential and office developments. The property includes a surface parking lot, a rarity for downtown office buildings of this size. The parking lot provides additional income and a convenience factor for tenants.