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15120 East Loop S, Houston, Texas 77029, US
Est. IRR
The annual compounded rate of return an investment is expected to generate over a specific period of time.29.00%
Est. Yield
The average annual cash an investment is expected to earn over one year as a percent of the investment amount (also called "cash-on-cash").N/A
Est. Equity Multiple
The return an investor is expected to receive, as a multiple of the investment amount.2.42x
Key Stats
Last updated: December 30, 2022, 09:11 pm
Est. IRR
The annual compounded rate of return an investment is expected to generate over a specific period of time.29.00%
Est. Equity Multiple
The return an investor is expected to receive, as a multiple of the investment amount.2.42x
Est. Hold Period
4 years
Est. Property Value
The most recent estimated value, most commonly the purchase price of the property.$36,000,000
Year Built / Renovated
1990 / 2020
Sq. Ft.
400,000
Occupancy
30%
Debt LTV
70%
Closing Date
December 31, 2022
Lot Size
4 acres
Asset Class (Office)
About
15120 East Loop South, Class A property of 15 stories.
This Class A Office property is located close to Galleria Shopping Mall, Embassy Plaza, and Post Oak Shopping Center. Nearby Fortune 500 headquarters include APA Corporation, Quanta Services, and West Lake.
The building itself sits on 4 acres of land with a total interior space of 400,000 square feet. The property was originally built in 1990 but was renovated in 2020. There are a total of 800 parking spaces with key amenities including a fitness center, onsite deli, and floor-to-ceiling glasses.
The business plan would be classified as a value-add strategy which in this case means implementing major renovations, increasing rents, and improving occupancy.
The sponsor plans to enhance existing amenities such as creating premium gyms, employee lounges, break-out areas, and conference centers to attract tenants.
5 Highlights for this Deal:
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The property was purchased in 2021 for 40% of the price ($90 million) paid by its last buyer.
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On-going leases include T-Mobile, Dell, and ProCore.
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Long-term renewal rates being negotiated are in the region of $25.00 per square foot NNN.
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Visible signage opportunities from Loop 610, which gives it superior road access.
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Houston is the 3rd-fastest growing tech ecosystem for early-stage companies and ranks 3rd amongst US metro areas with Fortune 500 companies
Market Highlights
Closest School
Tanglewood Middle School(1.0 mi)
School
Closest University
The Art Institute of Houston(2.7 mi)
University
Closest Fortune 500 Headquarters
APA Corporation(0.6 mi)
Industry: Mining, Crude-Oil Production
Closest Employer
H-E-B(2.1 mi)
Industry: Retail
Local Employees: 23,732
Closest Transit
Dryden/TMC(6.0 mi)
Transit
Closest Airport
William P. Hobby Airport(17.9 mi)
Airport
Green Properties
Management Company
Solo Star
Sponsor
On the Map
15120 East Loop S, Houston, Texas 77029, US