CCD Acquisitions LLC of Dallas purchased the 2200 West Loop, constructed in 2004. David Chuoke of Cushman & Wakefield of Texas Inc.'s Houston office represented Goddard in the sale; and Fuller Realty Partners in Houston acted as consultants for the buyer.
John Dailey of PM Realty Group of Houston represented Goddard in the 17171 Park Row transaction, which sold to Park Row-Houston Investment Company LLC, a New Jersey-based investment group. The Energy Corridor building rose 1982.
Both buildings boasted low-to-mid 90% occupancies at their closings, a considerable increase from the low-to-mid 60% rate when Goddard took them over. The Atlanta investment group bought the Park Row property in 2001 and West Loop right after it delivered.
Bill Deyo, principal with Goddard Investment Group, indicated the transactions were part of his company's overall mission to acquire properties, build value, then sell them. "Each investment we make is more or less an independent decision," Deyo tells GlobeSt.com. "We focus on four or five key markets, of which Houston is one, identify the assets that will bring value, then figure out how we can create the value." Once that value has been created, he continues, the assets are sold.
Deyo says Goddard will continue to look for purchase opportunities in the region. "Houston's gone through some difficult times and slow periods," he says. "I guess our view is that all of that is behind them, the market is stabilized and seems to be improving."
Just recently, Goddard bought Heritage Plaza in the CBD, 675 Bering in the Galliera and North Borough I and II in the Greenspoint submarket. Deyo says he's not holding any more contracts at this time.
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