Austin firm expands Energy Corridor footprint with purchase of another office property

 

Jeff Jeffrey, HBJ

Houston’s booming Energy Corridor has seen yet another significant real estate transaction with a well-positioned office building trading hands.

Austin-based Capital Commercial Investments Inc. paid an undisclosed amount to acquire Energy Crossing I, a three-story office property situated on a 5.35-acre parcel at 15021 Katy Freeway, JLL announced Aug. 21.

Late last year, the company also acquired Energy Crossing II at 15011 Katy Freeway next door.

“West Houston and the Energy Corridor submarket have seen some of the strongest demand from both a tenant and investor perspective in this real estate cycle,” McConn said in JLL’s release. “Energy Crossing I has a tremendous location close to all of Houston’s major freeways, the top residential areas in the city and a plethora of amenities nearby, which were driving factors in the sale.”

Other recent Energy Corridor transactions

Elsewhere, the Energy Corridor has seen a flurry of real estate activity in recent months.

Just this week, SLTX Capital, a Sugar Land-based real estate investment firm that specializes in hospitality properties, paid an undisclosed amount to acquire the 206-key Houston Marriott Energy Corridor at 16011 Katy Fwy., just south of Interstate 10 and west of state Highway 6.

SLTX Capital partners Ali Momin, Navid Karedia and Shumair Panjwani said in an interview that they planned to launch a comprehensive, multimillion-dollar renovation of the hotel.

Also this summer, Houston-based Wolff Cos. sold a 10.4-acre parcel in its Central Park mixed-use development in the Energy Corridor to an apartment company focused on creating a wellness-forward living environment.

Houston-based Define Living paid an undisclosed amount for the property, which it plans to use to build its second local multifamily development. Currently called Define Living: Park Row, the new apartment development will be on Park Row Drive, near Interstate 10 and Central West Park Boulevard.

In March, a three-building office complex in the Energy Corridor that has faced a series of financial challenges in recent years found a buyer following a receivership sale. According to state tax records, a consortium of Houston-based businessmen called LFFP paid an undisclosed amount to purchase the 570,045-square-foot Ashford Office Complex, whose $61 million loan has been in special servicing since August 2022.

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