By Timea Papp
SkyWalker Property Partners has completed the acquisition of One Northwind Plaza, a 141,480-square-foot office building in Houston’s Northwest submarket. JLL Capital Markets represented seller Aegon USA Realty Advisors in the transaction. Pinnacle Bank originated $6.8 million in acquisition financing, according to Yardi Matrix.
Located at 7600 W. Tidwell Road, the eight-story property was completed in 1980 and underwent a series of renovations since 2010, including upgrades to the lobby, elevators, breezeway, lighting and building systems. One Northwind Plaza features a conference center, deli, 24-hour security, on-site property management services and a two-story parking garage.
This is the buyer’s first Houston asset, purchased on behalf of one its managed funds, When Opportunity Knocks. The new owner plans to invest $1 million in capital improvements that will include new HVAC chiller units, updated common areas and a new roof. One Northwind Plaza was 66 percent leased at the time of sale.
The JLL team of Rudy Hubbard, Kevin McConn and Rick Goings worked on behalf of the seller, while Clint Holland of SkyWalker Property Partners represented the buyer in the transaction. Karen Kuczek, president of Pinnacle Bank’s Arlington branch, arranged the acquisition loan. Monte Calvert and Michelle Wogan of Transwestern will continue to lease and manage the property.
“In the case of One Northwind Plaza, recent capital improvements, a diverse tenant base and the anticipated benefits of the Highway 290 expansion made this an appealing offering,” Goings said in prepared remarks.
“When the freeway construction wraps up this year, we believe One Northwind Plaza will be well positioned for any uptick in submarket activity,” Holland explained in a prepared statement.
The property provides convenient access to West Tidwell Road, Hollister Street and to the city’s major employment centers, including the central business district. Equidistant to Loop 610 and the Beltway, One Northwind Plaza is also close to numerous restaurants, hotels, entertainment and shopping venues.
Image courtesy of JLL