WEDGE Snags Houston-Area Office Building

By Timea Papp

Three Sugar Creek

Radler Enterprises has completed the disposition of Three Sugar Creek, a roughly 154,000-square-foot Class A office building in Sugar Land, Texas. WEDGE Group acquired the asset with the help of a 10-year, fixed-rate loan secured by HFF.

Allstate Life Insurance Co. provided $25.5 million in acquisition financing, according to public records. Located at 3 Sugar Creek Center Blvd., the six-story property was completed in 2008 and features 26,000-square-foot floor plates, floor-to-ceiling windows with 10.5- and 9.5-foot ceiling heights. Additionally, Three Sugar Creek boasts an adjacent five-level parking garage with an enclosed walkway to the building.

Hands-on advisory team

At the time of sale, the property was 95 percent leased to a notable tenant base including Aetna, Imperial Sugar and Yang Ming. The HFF team of Senior Managing Director H. Dan Miller and Senior Director Marty Hogan, alongside Tom Radom, vice president & principal at Radler Enterprises, brokered the transaction. HFF’s debt placement team included Senior Managing Directors Susan Hill and Wally Reid. Last month, the brokerage company arranged the sale of a three-building Houston office complex.

Situated on roughly 3 acres, Three Sugar Creek is close to the intersection of Highway 69 and U.S. 90, providing access to major transportation arteries such as Beltway 8, Westpark Tollway and Grand Parkway. The property is in the proximity of numerous hotels, restaurants and retail venues, including Sugar Land Town Square and First Colony Mall.

Image courtesy of Yardi Matrix