- PM Realty Group, L.P. ("PMRG"), a nationally recognized and full service commercial real estate firm, announces the acquisition of Sugar Creek on the Lake
, a 515,000-square-foot Class A office building located at 14141 Southwest Freeway in Sugar Land, Texas. Accompanying the 8.98 acre office building and garage, PMRG acquired the adjoining 14.72 acre surface parking lot in order to accommodate the parking requirements of prospective tenants and growth plans.
Along with its equity partners, PCCP, LLC
("PCCP") and Fuller Realty Partners
("Fuller"), PMRG plans to invest $13M in capital improvements including creating up to an additional 650 parking spaces to increase the parking ratio, HVAC replacement and elevator and emergency management system enhancements and modernizations. Future capital improvements will complement the recent lobby and workout facility renovations.
The building was 100% leased by Chevron until their lease expired in March 2010. The building is currently 20% occupied by two tenants, Money Management International, Inc. (MMI) and Hightower Deli.
PMRG's EVP/Managing Director of Acquisitions John Dailey, who spearheaded the acquisition in tandem with Roger Gregory, Chief Financial Officer, said, "The opportunity to acquire a best-in-class asset such as Sugar Creek on the Lake in a thriving market like Sugar Land was extremely appealing to PMRG, PCCP and Fuller." Roger Gregory added, "We are excited to partner with PCCP and Fuller on this acquisition and to own the largest block, 400,000 sq. ft., of immediately available space in west Houston."
Located in Sugar Land on US Highway 59, Sugar Creek on the Lake sits less than five minutes from State Highway 6 and Beltway 8 and ten minutes from the West Park Tollway, offering convenient access to the Houston metropolitan area and unrivaled amenities. Industries calling Sugar Land home are as diverse as its resident population. Ranging from semiconductors to seismic-data equipment, Sugar Land industry has grown exponentially over the past 10 years as a result of the city's many strengths. Sugar Land hosts its strong economy through diversification, corporate vitality and quality of life and was ranked as one of the "Top Cities in Texas" for business relocation and expansion by both Outlook Magazine and Texas Business. The City is home to numerous high-profile regional and international corporations housed in over 22 million square feet of commercial space, including Minute Maid, Schlumberger, Fluor Corporation, Bechtel EO and Aetna.
For more information, contact Wm. Roger Gregory, Executive Vice President/Chief Financial Officer of PMRG at firstname.lastname@example.org (713) 209-5868; or John Dailey, EVP/Managing Director of Acquisitions, at email@example.com (713) 209-5718. For leasing information contact Brad Sinclair at firstname.lastname@example.org (713) 209-5965 or Michael Sieger email@example.com (713) 209-5930.About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm with more than $6 billion in assets under management on behalf of institutional clients. PCCP provides both balance-sheet debt and equity to value-added and opportunistic middle-market real estate projects throughout the United States. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns.
PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.About Fuller Realty Partners
Fuller Realty Partners, LLC ("Fuller") was established in 1979. Fuller is a privately owned, full service commercial real estate firm headquartered in Houston, Texas. The principals of Fuller have been partners since 1994 and have a collective 75 years of commercial real estate experience. Fuller's primary focus is on opportunistic assets that have the ability to increase in value substantially with an effective management, leasing and improvement program. Fuller takes a conservative approach to achieve aggressive investment returns and we manage assets to maximize the future investment value.