Specific Requirements Lead to Off-Market Office Gem
After an exhaustive search, subsequent digging led to an off-market opportunity in Sterling Plaza, a 102,292-square-foot class-B office building located at 10101 Southwest Fwy. that sold to Tristar Alliance Properties.
HOUSTON—After an exhaustive search, subsequent digging led to an off-market opportunity in Sterling Plaza, a 102,292-square-foot class-B office building located at 10101 Southwest Fwy. It recently sold to Tristar Alliance Properties for an undisclosed price. The seller was Mykawa Hso Limited Partnership.
Sterling Plaza was developed in 1982 and last renovated in 2001. It is located at the intersection of Beltway 8 and the Southwest Freeway in Southwest Houston. The building offers Southwest Freeway frontage.
“We were really selective in our process, and this building met our specific requirements,” Shezad Kapadia of Tristar Alliance Properties tells GlobeSt.com. “The property is not only well-positioned, but there’s an opportunity for us to go in and quickly add value as well.”
Tristar Alliance Properties is planning immediate, major renovations to the lobby, roof and HVAC, but details have not been disclosed.
Robert LaCoure and Ryan Young of Lee & Associates–Houston represented Tristar Alliance Properties. Lee & Associates–Houston will lease and manage the property, which currently has a total of 10,407 square feet of office space available.
“Our client had specific requirements for what they needed,” said Robert LaCoure, principal at Lee & Associates–Houston. “Our team exhausted all market opportunities and nothing fit, so we started digging for off-market options, and found a great asset for our client with a value-add opportunity.”
The six-story property includes a covered parking garage with parking at a ratio of four cars per 1,000, 24-hour access, an on-site property manager, bus line location, signage, controlled access, and plug and play.
“The depth of our Lee & Associates team and the technology focus on digital platforms for today’s marketplace allows us to cast a wider net,” LaCoure tells GlobeSt.com. “We all worked hand in hand to find the right building for our buyer.”
The seller was represented by Patrick O’Connell with O’Connell Realty.
In the last 10 years, Greater Houston area’s population has grown by 1.1 million people, now surpassing 7 million, according to the Greater Houston Partnership. Workers have gathered here in search of job opportunities, an affordable cost of living and quality of life. Metro Houston created 88,000 jobs, a 2.8% increase, in the 12 months ending December 2019, according to the Texas Workforce Commission. Houston’s unadjusted unemployment rate was 3.6% in December, unchanged from 3.6% in November and down from 3.9% in December of last year.