Fort Worth-based private equity firm Woodside acquired a four-building office campus in northwest Houston, ending the complex’s six-year stint under a special servicer.
The 200,155-square-foot property previously known as the Heron Lakes campus was purchased from Washington, D.C.-based CW Capital. The Houston Business Journal reported that Woodside officially renamed the property Saddlebrook Place. The deal involves buildings at 7904, 7906, and 7908 North Sam Houston Parkway West, along with 10740 North Gessner Drive.
The campus was originally constructed between 2004 and 2008 and is part of a larger mixed-use development that includes seven total office buildings and a Staybridge Suites hotel. Individual buildings within the acquired portfolio range from about 40,000 square feet to 77,000 square feet, according to the outlet.
Woodside director Hunter Norris said in a press release that the firm already began a renovation program at Saddlebrook Place that is expected to span three to six months.
The planned capital improvements include a general campus clean-up, enhanced landscaping and the installation of LED lighting throughout all buildings. Internal upgrades will focus on new lobby furniture, renovated restrooms, updated corridors and the addition of several speculative suites, according to the publication.
Stream Realty Partners’ Parker Noble, who is marketing the property, told the outlet that the rebranding was a deliberate move to distance the campus from its history under special servicing. The name “Saddlebrook” serves as a local reference to the Sam Houston Race Park, which is directly across Beltway 8.
The campus currently maintains a 64 percent occupancy rate. Current major tenants at the campus include Jack Henry & Associates, DM Clinical Research, Phillip Townsend Associates, Shea Homes and Bartlett Cocke General Contractors. The most significant vacancy is currently concentrated at 10740 North Gessner Drive, which is 80 percent vacant.
Market data from CBRE shows the West Belt office submarket currently has a 27.1 percent vacancy rate, which is higher than the Houston citywide average of 25.7 percent. However, the submarket bucked broader trends by recording a positive net absorption of 13,849 square feet in the first quarter.
With an average asking rent of $17.01 per square foot, the West Belt area offers a $2.49 discount compared to the city average, according to the publication.
Woodside’s Houston presence also includes the 109,473-square-foot Wickchester Center and the Kingwood Place office park.
— Eric Weilbacher
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