CapRidge Partners purchased the Woodbranch Building. And it just may be the ideal asset. (How often does someone find their true soul mate?)
Seller reps HFF director Marty Hogan and senior managing director Danny Miller tell us the transaction was one of the smoothest either of them has done in a long time. The 109k SF office building has so many appealing qualities: It’s in the Energy Corridor (did anyone else just feel that wave of investor interest or was that the chili we had last night?), is in impeccable condition, and has been very well-managed. It has undergone substantial capital improvements since ’02 and is 100% occupied. On top of all this, it has significant upside, as many of the leases are well below market rates.
With all these factors, it’s no surprise that the property was snapped up quickly. In fact, Danny and Marty tell us CapRidge knew seller Parkway Properties and made a compelling off-market offer that preempted the marketing process. (Why go to all that trouble making sandwich boards and hosting open houses?) The Woodbranch Building sits on 3.7 acres near the NWC of Kirkwood and I-10; CapRidge purchased it free and clear of debt.
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