Berkadia Paves Way for Equus to Snap Up Southwest Houston Office Building
- Sep 17, 2015
Berkadia has arranged $21.9 million in financing for One Sugar Creek Center, the Comerica Bank Building.
Senior directors Corby Chaffin and Steve Comly of the Houston and Philadelphia offices, respectively, secured the fixed-rate loan through a relationship with a life insurance company. Jared Chua and Bernard Branca of CBRE’s Investment Properties – Institutional Group in Houston represented the seller.
Berkadia originated the financing for Equus Investment Partnership IX LP, a discretionary fund managed by Equus Capital Partners Ltd. At the time of the closing, the property was 89 percent occupied.
Built in 1983, the 193,988-square-foot, 11-story building sits on 4.5 acres at 1 Sugar Creek Center Blvd., along the north side of US-59 at the intersection with South Dairy Ashford Road. The property has easy access across the greater Houston Metro area due to its location just one-half mile south of US Highway 90A, two miles from State Highway 6, and four miles from Beltway 8.
Property amenities include surface parking and an attached four-level parking garage. The on-site conveniences include a deli and a full-service banking facility.
“This transaction provides the opportunity to acquire a best-in-class suburban office asset in a location with an expanding array of amenities, along with excellent access to the vast and desirable Houston employment base,” said Kyle Turner, director of investments for Equus Capital Partners, who along with senior vice president Roy Perry oversaw the acquisition. “With our plans for significant capital upgrades and an added amenity package, we are confident that the Comerica Bank Building will be an even more highly sought after location.”
Planned upgrades include the addition of a tenant lounge, conference center, and a common area with Wi-Fi and a concierge. Further capital improvements and renovations will target the lobby, restrooms and common areas.