HFF closes sale of southeast Houston office building
HOUSTON, TX – March 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Deerwood Glen II, a 74,695-square-foot, fully-leased office building in Deer Park, Texas.
HFF marketed the property on behalf of the seller, Clay Partners – 4440 Hwy. 225, L.P., an affiliate of Clay Development, and procured the buyer, Fairway Real Estate Management, LLC.
Deerwood Glen II is located at 4440 State Highway 225 within the Deerwood Glen Business Park adjacent to the Sam Houston Tollway (Beltway 8) in southeast Houston. Completed in 2015, the property features two floors of fully leased space occupied by a mix of industrial, engineering and construction firms that benefit from the property’s location close to the Houston Ship Channel and Port of Houston.
The HFF investment sales team representing the seller was led by director Trent Agnew.
“The success of Deerwood Glen II is evident by the quick lease-up and credit quality of the rent roll that Clay was able to procure,” said Agnew. “With the tremendous growth that continues to occur in the Port you continue to see significant tenant demand in both the office and industrial sectors. There is a lack of quality office product to serve that demand and Fairway recognized the long-term growth prospects of the area and is poised to see consistent cash flow along with upside potential as rents continue to push up via this investment.”
About Clay Development
Clay Development & Construction (Clay) is a developer and design/builder of industrial and office build-to-suit facilities for sale or lease since 1998. The company is a turnkey developer of metal and tilt wall projects with a combined 175 years of experience in the real estate business.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.