Peloton Makes Houston Debut with Office Portfolio Purchase
- Aug 12, 2011
Peloton Capital Partners teamed up with an Austin-based real estate private equity firm for the acquisition of a five-building, 347,258-square-foot office portfolio that marks the firm’s first foray into Houston. The purchase is part of an expansion strategy that follows Peloton’s February merger with San Antonio-based Cambridge Realty Group, Inc.
Dallas-based Peloton said in a statement that it plans to open a property management office in Houston for the newly acquired properties. Led by Ike Kimmel, the office will also seek additional property management assignments. Moody Rambin Interests has been retained as exclusive leasing agent for four of the five buildings. Griff Jaggard and Derek Beck will handle leasing for the portfolio on behalf of Moody Rambin.
Peloton, an affiliate of Peloton Commercial Real Estate, has not released the financial terms of the deal, but according to an Aug. 10 report by CoStar, Peloton paid $19 million for the portfolio to GE Commercial Finance Real Estate. Information on Moody Rambin’s website indicates that two of the properties—PBS & J Plaza, at 1250 Woodbranch Park Drive, and One Woodbranch Centre, at 11931 Wickchester lane—are located within the Energy Corridor. The Westchase submarket is represented by Woodchase Buildings I and II, located at 2950 South Gessner Road and 3030 S. Gessner Road. Also included in the portfolio is 10200 Richmond Avenue in the Westchase East submarket.
The most recent acquisition adds to Peloton portfolio to more than 25 million square feet of leased or managed properties. The seller was represented in the transaction by Holliday Fenoglio Fowler L.P.’s Martin Hogan and H. Dan Miller, while managing director Steve Heldenfels represented the borrower in the acquisition financing and joint venture equity, according to a statement by Peloton Capital.