Canadian-Based Firm Buys 3 Vacant Office Buildings In Greenspoint
Holloway Lodging Corp. acquired a vacant three-building portfolio in Houston for $13.2M, according to a release.
The portfolio is made up of 222 Benmar Drive, 16666 Northchase Drive and 263 North Sam Houston Parkway. Each property is in the Greenspoint area at Interstate 45 and Beltway 8 near the George Bush Intercontinental Airport.
"The Greenspoint area of Houston is undergoing substantial change and revitalization with new property owners entering this submarket and investing significant capital to modernize and upgrade the office, hotel and retail properties in the area," Holloway wrote in the release.
"We believe that our low-cost basis in the properties acquired provides us with a margin of safety and will enable us to earn an attractive return as we add value to the properties and as the Greenspoint submarket improves."
222 Benmar Drive, dubbed Benmar Property, is a 198K SF, eight-story Class-A office building with a 366-space parking garage. The building was formerly occupied by a large energy company. The property is connected by a sky bridge to the City North office complex that is undergoing renovations.
Holloway is evaluating redevelopment options for this property, which include continuing as an office building or converting the property to another use.
16666 Northchase Drive is a 147K SF, six-story Class-A office building with a 483-space parking garage. The building was formerly occupied by a large energy company.
263 North Sam Houston Parkway is an 88K SF, three-story Class-B office building with a 257-space parking garage.
In addition to the newly acquired Greenspoint portfolio, Holloway, a Canadian-based real estate firm, owns 27 hotels with 3,055 rooms.