Stanton Road Buys 801 Congress
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Showing its love for Market Square Park, Stanton Road Capital purchased 801 Congress. Managing partner Tim Ronan tells us it sourced the deal off-market in its quest for sub-institutional (sub-$30M) value-add office buildings in Texas and Southern California. Stanton Road plans to significantly upgrade the office portion of the 65k SF building and provide pre-built office suites for smaller tenants. Tim tells us activity has been great; his team has leased 12% of the building to new tenants in the first few weeks of owning the property. (And it was already 82% occupied at time of sale.)
801 Congress was built in 1948 and is known as the Henry Henke Building. Its big draw is being walking distance to nearby residential projects, public transportation, and Market Square Park. (Pictured, it’s a hoppin’ area, with a few residential and office developments in the pipeline.) Tim also loves the building’s existing restaurant amenities—Barnaby’s and Fusion Taco—and is in discussions with some local and national restaurant operators to fill the 10k SF basement, which has sat vacant for over 20 years. (They just need to be careful, after 20 years being vacant the space might be a little scared the first time it sees people again.) Orchard Asset management’s Michael Preston and Centric Commercial REA’s Simon Ha facilitated the acquisition. HFF’s Wally Reid and Kelly Layne secured financing.