Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A West Dundee, IL investment group has acquired its second Houston suburban office building in line with an eight-month strategy to secure more than $22 million in the city’s submarkets.

ML Capital Ventures LLC and Avgeris & Associates have closed on a 71,736-sf office building at 5500 Northwest Central Dr. The building is the world headquarters for BJ Services, an oil servicing company that has leased the site since 1983.

Earlier this year, the group bought the 66,338-sf 5301 Hollister. And, the sales are just getting started, Michael W. Luecht, ML Capital’s president, tells GlobeSt.com. Luecht left McShane Corp. to form the group in March.

Luecht says two more buys will close before the year’s out. Luecht says suburban office products are favored because “my relations in Houston are more suited to suburban deals.” He says the acquisitions are part of ML Capital’s plan to secure more than $22 million of Houston office product in its first eight months of operation. Luecht says ML Capital Ventures also is eyeing buys in Chicago’s industrial market and other Texas cities. When the calendar turns, there will be a stepped up buying spree of office and industrial properties in Houston, he says.

Luecht says he’s “always been a big fan” of Houston because “the fundamentals are there to support long-term growth. We will continue to be a part of it.”

Tom G. Bousquet Jr., senior vice president of CB Richard Ellis’ Houston office investment team, represented the seller, BGK Properties. Bousquet says the buyer’s “investment in the Houston office market, which remains active despite the slowdown in performance of other major markets, is representative of a capital profile trend in the market. Private capital has been a major influence in the office investment market in Houston.” Houston’s Caldwell Watson Real Estate Group will be the asset manager for ML Capital’s properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.