facebook

traded

+ Submit
Home

/

Deals

/

Texas

/

Office

/

Sale

/

2603 Augusta Drive

Bill McGrath Of LandPark Advisors Acquires 16-Story Office Tower In Houston
SOLDOffice

Bill McGrath Of LandPark Advisors Acquires 16-Story Office Tower In Houston

2603 Augusta Drive

Building Size

Asset Type

Office

Closing

Oct 9, 2024

AI

LandPark Advisors acquired a 16-story office tower located at 2603 Augusta Drive in Houston. This asset comprises a total area of 244,804 square feet and offers Class A office space with various amenities, including a fitness center and conference facilities. Upcoming features will include a pickleball court and a golf simulator.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Buyer: Bill McGrath
  • Buyer Agency: LandPark Advisors
  • Notable New Tenants: Porter Law Firm

Bill McGrath represented LandPark Advisors in the transaction, facilitating the acquisition of the property. The strategic addition of new tenants highlights the company’s growth initiatives within the Houston market.

Players

Houston Office Market Snapshot

Boundary boundary · Office · Sale transactions

Loading comparables…

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