Glazer Properties Acquires 193998 SF Property In Sugarcreek With Seller's Rep Mark Ledger And Others
1 Sugar Creek Center BLVD, Sugar La...
Building Size
193,998 SF
Asset Type
Office
Closing
May 29, 2019
About this deal
AI
One Sugar Creek Center is a 193,998-square-foot office building located at 1 Sugar Creek Center BLVD, Sugar Land in the Sugarcreek market. This Class A property, built in 1983 and renovated in 2017, includes a new lobby, upgraded security systems, enhanced elevator cabs, a new conference center, and refreshed landscaping. It sits on 4.5 acres and features amenities such as a deli, bank branch, and an outdoor patio with a cornhole court. The property was 90 percent leased at the time of sale to tenants including Comerica Bank, Wholesome Sweeteners, and Amerex Brokers Natural Gas.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: Not disclosed
- Address: 1 Sugar Creek Center BLVD, Sugar Land
- Market: Sugarcreek
- Square Footage: 193,998
- Seller: Equus Capital Partners Ltd.
- Buyer: Glazer Properties
- Seller's Representatives: Mark Ledger (Ltd), Martin (Marty) Hogan (JLL), Christopher Locatell (Ltd), Greg Chapin (Ltd), Johnny Kight (Fuller Realty Interests)
- Brokers: Danny (Dan) Miller
The transaction was handled by representatives from Equus and HFF, including Christopher Locatell, Mark Ledger, Greg Chapin, Marty Hogan, and Johnny Kight. The deal marked a significant transfer of ownership in an office property within the southwestern Houston suburbs, enhancing Glazer Properties' investment portfolio.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93