JLL’s Capital Markets experts today announced the sale of 2525 North Loop West, a 136,325-square-foot office building in Houston. 2525 Inner Loop, L.P. purchased the property from Lykes Building Holding Associates and Smetana Texas Realty Associates.
Sean Finn, the new owner, plans to implement a capital improvement program with hopes of attracting medical-office tenants. He also plans to bring retail space to the adjacent pad sites on the property.
This property complements previous investments made by Finn in the area, including 2707 and 2727 North Loop West and the 24-acre Brookhollow Campus at 4400-4550 Dacoma St. These assets amount to more than 1 million square feet of investment in the immediate area.
Located just inside the 610 Loop, near the interchange of Interstate 610 and U.S. Highway 290, 2525 North Loop West offers convenient access in and out of the city and to Houston’s multiple business centers. The surrounding area provides a variety of amenities including abundant eateries, retail and services within a five-mile radius of the property.
Features of the Class B office building include ample parking, conferencing facilities and on-site property management, all set within the 4.5 acre Pinehollow Office Park.
Houston’s office market has seen a marked increase in investment activity this year. Even with the continued slowdown in leasing activity and rising vacancy, investors have re-entered the market with the thought that better yields can be realized in Houston relative to other major metros. Year-to-date transaction volume is approximately $1.47 billion, a significant increase over 2016, which recorded just $330 million worth of transactions.