HOUSTON, Sep. 5, 2023 - JLL Capital Markets announced today that it has closed the sale of 77 Sugar Creek, a 143,410-square-foot, Class A office building in Sugar Land, Texas.
JLL, in conjunction with online commercial real estate auction platform RI Marketplace, represented the seller, CWCapital. InLight Capital purchased the asset for an undisclosed amount.
77 Sugar Creek is positioned on a 6.13-acre site about 20 miles southwest of Houston's central business district. Located directly off of Highway 59 near its intersection with Highway 90, the office building has convenient access to the entire Houston metropolitan area. As one of Houston's most desired residential suburbs, Sugar Land also features an abundant amenity base of nearby hotels, restaurants and retailers.
Renovated in 2018, 77 Sugar Creek has six stories of office space featuring floor-to-ceiling windows and high-quality common areas. The property is currently 66.3% leased as of August 2023.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Rick Goings and Senior Managing Directors Marty Hogan and Will Sledge.
"77 Sugar Creek generated significant interest, primarily from local high net worth buyers who were interested in the property's user potential," Goings said.
"By taking 77 Sugar Creek to auction and running our marketing process alongside JLL, we increased the pool of qualified buyers that could close the sale in an accelerated timeframe as opposed to that often seen in a traditional sales process," added Neil McKenna, Managing Director at RI Marketplace. "We are seeing an uptick in assets at auction similar to 77 Sugar Creek, and its outcome proves why."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 05 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 September 2023 16:41:29 UTC.
