Beacon Investment Properties has added a 15th building to its Houston portfolio with the acquisition of 10333 Richmond in the Westchase area.
The 11-story building contains 218,680 square feet and is 91% occupied. The property brings the Hallandale Beach, Fla.-based company’s Houston portfolio to 2.89 million square feet.
“This is an exceptional value located in a highly sought after submarket in one of the nation’s fastest growing cities,” Ariel Bentata, co-founder and managing partner-investments for Beacon, said in an announcement. ”10333 Richmond has an excellent operating and occupancy history. Its in-place rents are 21% below market and Houston is experiencing a strong demand for Class A office space, creating a solid opportunity for rental income growth.”
Dan Miller, Rusty Tamlyn and Trent Agnew of HFF represented the seller, a Boston real estate advisor, in the $46.3 million transaction. Susan Hill of HFF arranged the financing.
Kim Grizzle-Shapiro and Mike Martin of PM Realty Group will handle leasing, while Beacon Real Estate Services will take over property management.
Beacon’s portfolio totals more than 8 million square feet nationwide. In addition to its headquarters, the company has offices in Houston, Dallas, Minneapolis and Atlanta.
Among Beacon Investment Group’s other Houston holdings are:
6330 West Loop, a 14-story, 257,824-square-foot office building in West Loop submarket
One City Centre, a 29-story, 608,600-square-foot office tower in downtown
1776 Yorktown, an 8-story, 178,995-square foot office building in the Galleria area