{"id":1004736689,"date":"2024-11-11T05:55:37","date_gmt":"2024-11-11T13:55:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004736689"},"modified":"2024-11-11T07:24:12","modified_gmt":"2024-11-11T15:24:12","slug":"interra-capital-acquires-houston-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/interra-capital-acquires-houston-portfolio\/","title":{"rendered":"Interra Capital Acquires Houston Portfolio"},"content":{"rendered":"\n<p>BGO has sold Remington Square, a three-building, Class A office complex totaling 392,357 square feet in northwest Houston.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Remington-Square.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"803\" height=\"620\" data-attachment-id=\"1004736749\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/interra-capital-acquires-houston-portfolio\/remington-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Remington-Square.jpg\" data-orig-size=\"803,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1712133347&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Remington Square\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Remington Square is a Class A office complex located in Northwest Houston. Image by Jud Haggard Photography, courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Remington-Square.jpg?w=803\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Remington-Square.jpg\" alt=\"Remington Square is a Class A office complex located in Northwest Houston\" class=\"wp-image-1004736749\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Remington-Square.jpg 803w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Remington-Square.jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Remington-Square.jpg?resize=768,593 768w\" sizes=\"auto, (max-width: 803px) 100vw, 803px\" \/><\/a><figcaption class=\"wp-element-caption\">Remington Square is a Class A office complex in Northwest Houston. <em>Image by Jud Haggard Photography, courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>JLL\u202fCapital Markets represented the seller and procured the buyer, locally based Interra Capital Group. The transaction highlights the area\u2019s strong demand for Class A office assets, of which there is a limited supply in Houston.<\/p>\n\n\n\n<p>\u201cThe trophy office segment continues to outperform the market, with 848,000 square feet of positive absorption at the end of the third quarter 2024,\u201d Wade Bowlin, principal &amp; managing director for Avison Young\u2019s Houston office told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>Tenants are increasingly drawn to these high-quality buildings, which offer superior amenities and modern features in prime locations, according to Bowlin.<\/p>\n\n\n\n<p>\u201cHowever, there is a limited supply in the Houston market, and within the next few years, just 543,000 sf of new office space is under construction and slated for delivery, causing strong demand for the limited options available.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/how-ai-firms-revive-office-space-demand\/\">How AI Firms Are Reviving Office Space Demand<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Remington Square was completed in 2008 and 2015. The site comes with a restaurant with catering, a fitness center with locker rooms, a tenant lounge, and a conference facility on a 16.78-acre parcel that has room to develop a fourth building.<\/p>\n\n\n\n<p>The property is situated along Beltway 8 at 10603, 10613 and 10713 W. Sam Houston Parkway, near 16.2 million square feet of retail space, as well as executive and employee housing options.<\/p>\n\n\n\n<p>Managing Directors Kevin McConn and Marty Hogan and Senior Director Rick Goings led the JLL Capital Markets Investment Sales and Advisory team that represented the seller in the transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-flight-to-quality-trend-drives-investment\">Flight-to-quality trend drives investment <\/h2>\n\n\n\n<p>\u201cWhile quality alone is no longer a guarantee of property value, retention and appreciation of performance due to shifting office sector dynamics, it remains the best hedge in an office market that is finding its new equilibrium inventory size given the quasi-permanent downward change in office space demand due to flexibility in work locations,\u201d Ermengarde Jabir, Moody\u2019s director of Economic Research, told <em>CPE.<\/em><\/p>\n\n\n\n<p>In the context of the flight-to-quality trend, the adage of \u2018location, location, location\u2019 rings truer than ever, Jabir observed. &nbsp;<\/p>\n\n\n\n<p>\u201cFirstly, a quality office building in a metro where the general work culture is to go into the office more often than not is a prime property,\u201d Jadir continued. \u201cThen, beyond that, the location within a metro that provides easy access to commuters, whether via public transport or car, is also highly sought after. The obvious physical characteristics of a building are primary in determining quality, including age\/newness, architecture, amenities, etc.\u201d<\/p>\n\n\n\n<p>Tenant quality also factors in as part of quality, with investors seeking office buildings of the highest physical quality along with stabilized properties with high occupancy rates and strong projected NOI growth, Jabir explained. Mixed-use properties and neighborhoods also play a key role in the flight to quality, as cohesive communities offering a live-work-play model tend to foster stronger demand resilience.<\/p>\n\n\n\n<p>Carrie Szarzynski, senior managing director &amp; head of management services at Oakbrook Terrace, Ill.-based Hiffman National, said that Houston and other Texas cities continue to lead the nation in office occupancy, and tenants are gravitating to buildings that check all the boxes for finishes, amenities and concierge-level management services.<\/p>\n\n\n\n<p>\u201cWe\u2019re increasingly finding that on-site conveniences such as food and beverage offerings, fitness centers and social lounges are must-haves for companies in search of buildings whose common areas can serve as an extension of their own private offices,\u201d Szarzynski said.<\/p>\n\n\n\n<p>\u201cThis flight to quality has made it essential for landlords to offer a high-touch, high-tech workplace experience that\u2019s differentiated from home and other remote work environments.\u201d<\/p>\n\n\n\n<p>Earlier this month, a Class A office building in Houston, Twentyfour25 Galleria, <a href=\"https:\/\/www.commercialsearch.com\/news\/houston-office-asset-trades-in-27m-bankruptcy-sale\/\">sold in a bankruptcy deal<\/a> for $27 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL\u202fCapital Markets arranged the transaction. <\/p>\n","protected":false},"author":3568,"featured_media":1004736749,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21783,21742,21747,51973],"tags":[33022,52263,44006],"class_list":["post-1004736689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-investment","category-latest","category-office","category-southwest","tag-avison-young","tag-bgo","tag-jll-capital-markets"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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