October 12, 2015
HighStreet Net Lease Group, a Texas-based company specializing in the disposition and acquisition of net leased investment properties throughout the United States, recently represented a Houston-based investor in the acquisition of 1305 Prairie in downtown Houston, a three-story office complex with retail on the ground floor. Matt Moake, CCIM, an acquisition/disposition executive at HighStreet Net Lease Group, represented the buyer. Fred Ghabriel with Bejjani & Associates represented the seller, a local partnership which owned the property for 30 years.
The historic building was constructed in 1920 and was once the site of General Sam Houston's home. It is 14,400 square feet and sits on 10,000 square feet of land. The new owner plans to extensively renovate the interior and exterior of the property, while preserving the structural integrity of the asset given its historical relevance over the last 95 years.
"This is an exciting purchase for our client, given the grand plans they have for the building in an area of downtown Houston that is seeing extensive positive change," said Moake. "The acquisition was the up-leg in a 1031 exchange for our client, so timing was critical to ensure that we met the IRS mandated deadlines. We worked diligently throughout the feasibility period to make sure closing occurred ahead of schedule to achieve our client's exchange goals."
The buyer chose this property due to the location and upside potential. The building is in close proximity to the Harris County courts, Minute Maid Park, and adjacent to multiple new residential and office developments. The property includes a surface parking lot, which is rare for downtown office buildings of this size. The parking lot provides additional income and a convenience factor for tenants.
HighStreet Net Lease Group represents numerous investors that are acquiring and selling properties throughout the U.S. In this case, HighStreet Net Lease Group was instrumental in helping the buyer achieve a realistic purchase price for the asset. Due to the seller's ownership history and emotional connection to the site, HighStreet implemented a logic driven approach that included recent area sales comparables and future improvement costs, which enabled the seller to agree that the buyer was the ideal fit.
About HighStreet Net Lease Group
HighStreet Net Lease Group specializes in the acquisition and disposition of net leased retail properties throughout the United States. The driving force of HighStreet as a net lease brokerage firm is to assist clients in achieving their investment goals. Whether through the disposition of an asset at the highest possible price using their proven platform, or an acquisition of a core property at an attractive return, the company is constantly seeking unique and attractive opportunities for their seller and buyer clients. To learn more about HighStreet Net Lease Group, please visit www.highstreetnetlease.com.