STAFFORD, TX—12603 Southwest Freeway is a six-story 143,211-square-foot office property located at the southwest corner of Interstate 69 and Kirkwood Road in southwest Houston. The 5.04-acre site is directly across from the former Texas Instruments campus that is being redeveloped into a four-phased mixed-use project with more than 2,400 multifamily units, 18-plus retailers and restaurants, a 350,000-square-foot distribution center, and hotels and entertainment venues. It has visibility from more than 224,000 cars per day.

Since purchasing the property, Griffin Partners completed major renovations to the lobby, garage, common areas, landscaping and restrooms. Currently 86.4% leased, the property has a diversified rent roll consisting of education, healthcare, manufacturing and construction, insurance, technology and finance companies.

The asset was recently sold free and clear of debt by Griffin Partners to buyer, Stone Mountain Properties for an undisclosed price. Holliday Fenoglio Fowler LP marketed and closed the property on behalf of the seller.

The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan. The buyer was represented by LandPark Advisors.

“This transaction was truly a win/win for both buyer and seller. Griffin Partners, who bought the property a few years ago, completed numerous improvements, including a new roof, elevator modernization, lobby, common area, restroom renovations, etc.,” Miller tells GlobeSt.com. “They re-tenanted the building with quality tenants and sold the property for a handsome profit. Stone Mountain bought a fully repositioned property at a fair price and return. In addition, new walkable amenities are being built across the street on the old TI (Texas Instruments) site. The new mixed-use development called The Mosaic will have multifamily, hotel, fast food, white tablecloth restaurants, high-end boutique office, etc., when complete.”

The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan. The buyer was represented by LandPark Advisors.

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Office Property Benefits from Proximity to Future Mixed Use

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