Goddard Investment sold a 25-year-old building at 675 Bering Dr. to Griffin Partners after having upgraded the lobby, bathrooms, elevators and landscaping. Area sources suggest the eight-story building and adjacent parking garage could have traded for $195 per sf to $215 per sf based on comparable area sales figures.
Bill Deyo, principal with Goddard Investment Group, says the building was acquired in late 2003 as the lead tenant, AIG American General Life Cos., announced its intention to leave the building for consolidation reasons. "The basic objective when we bought it was to make improvements to the building and backfill the space AIG left and then to exit when the opportunity came up," Goddard tells GlobeSt.com. The building is 70% leased to First Investors, Foster & Associates and Cafe Express.
Goddard Investment also is beginning its exit strategy for 801 Travis St., which it acquired a little less than a year ago from Coast Range Investments LLC of Albuquerque. "The marketing process has just begun on that and we're early on in the program," Deyo says. During that hold, the 21-story building had upgrades to its entrance, lobby and elevator cabs.
Deyo explains Goddard Investment's recent sales activity is not a reflection on the Houston market. He points out that Houston is a strong, stable market and one in which Goddard still wants to be involved.
"We're not long-term holders," Deyo says. "Obviously there are exceptions, but we acquire, try to add value, take advantage of an improving market environment and then exit as soon as we've obtained some of our objectives."
H. Dan Miller, senior managing director and Martin T. Hogan, associate director with Holiday Fenoglio Fowler LP's Houston office, represented Goddard Investments in the transaction. HFF also has the listing for 801 Travis.
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