Vista Equities Buys Two Office Buildings, One Retail Tract

The buildings--Venture Tech II at 3200 Research Forest Dr. and Venture Tech III at 8701 New Trails Dr.--total 100,000 sf and are about 85% occupied. Woody Mann Jr., president of Vista Equities Group, tells GlobeSt.com that the firm will hold the buildings as an investment. "There is considerable upside potential in these buildings," he says in reference to property appreciation and rent increases that are inevitable in the fast-growing Woodlands marketplace.

The acquisitions "fit very well into the company's objectives of blending its retail development activities with the acquisition of quality, well-located properties in the greater Houston area," Mann said in a press release. Vista Equities also has a couple more more office buildings in its sights to add to the estimated 500,000-sf portfolio.

Mann and Jeff Lyons, also of Vista Equities, steered the negotiations, which began in March. Lesley Mann at Lawyer's Title handled the closing. David Bell of Comerica Bank arranged the financing.

Mann was mum about the sales price, but the Montgomery County Appraisal District assesses the value of Venture Tech II at $2.3 million and Venture Tech III at $5.1 million. Seller Woodlands Operating Co. will continue to lease the buildings, but Vista Management Co. is stepping in as property manager.

In a retail development plan, the firm bought four acres along Louetta Road near its intersection with Grant Road. The plan is to break ground in October on the 29,000-sf Plazas at Longwood, with delivery set for April 2003.

McDonald's has finalized a ground lease and will be developed in sync with the center. According to Mann, about 40% is pre-leased to local tenants. The Houston firms of Ruskin Corp. is the general contractor and Hermes Architects, the designer.

Equilon Pipeline Co. sold the acreage with in-house rep, Geoff Sanders, brokering the deal. Richard N. Gould of McDade, Smith, Gould & Johnston represented Vista Equities while Lesley Mann oversaw the closing.