Fuller Realty Partners Acquires Parkview I & II Office Complex In Houston
333 Cypress Run, Houston, TX, 77094
Building Size
176,000 SF
Asset Type
Office
Closing
Jun 14, 2019
About this deal
AI
Located at 330 Barker Cypress Road, Parkview I is a four-story building completed in 1987, while Parkview II is a three-story building developed in 1986, situated at 333 Cypress Run in Houston, TX. The office complex comprises two assets totaling 176,000 square feet and is strategically positioned less than 1 mile south of Interstate 10 and 22 miles west of downtown Houston. At the time of sale, the portfolio was 11 percent leased.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Seller's Representative: Rick Goings(JLL), Rudy Hubbard(JLL)
- Buyer: Fuller Realty Partners
- Square Footage: 176,000
The JLL team comprising Vice President Rick Goings, Managing Director Rudy Hubbard, and Senior Vice President Kevin McConn represented LNR Partners in the sale of the Parkview I and Parkview II office buildings to Fuller Realty Partners. In addition to this transaction, another JLL team recently assisted in the sale of the Milford Crossing Shopping Center, a roughly 372,000-square-foot retail center located in Milford, Conn.
Players
Houston Office Market Snapshot
Boundary boundary · Office · Sale transactions
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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