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Songy Highroads (SHR) has closed on the purchase of Sugar Creek Place I, a 151,722-square-foot, Class A office building located in the heart of Sugar Land, Texas. The six-story building is 86-percent leased. More than $1.7 million in capital upgrades have been implemented in the past five years. Upgrades include a new conference facility, tenant lounge and common areas, renovated lobby and corridors, and a four-story structured parking garage.
With a diverse tenant mix and boutique aesthetic, the property offers pre-built custom suites for smaller users, and it serves as a destination opportunity for larger users desiring prominent visibility and building signage.The steady population growth of Sugar Land played a role in the acquisition. The area’s low unemployment and robust infrastructure have made it one of the most desirable areas within greater Houston to live and work. Buoyed by a diverse economic base, quality product and strong demand drivers, Sugar Land boasts one of lowest vacancy rates of any of any major office submarket in Houston; it has outperformed the greater market over the past five years.
"Sugar Creek Place I fits Songy Highroads' value-add investment strategy as a well-located asset in a growth market,” said SHR Senior Vice President Foster Durkee. “We will look to implement a targeted, strategic capital plan to further improve the asset and make it one of the top options for tenants in Sugar Land."
SHR has retained Transwestern Commercial Services for leasing services.
A commercial real estate firm based in Atlanta, SHR has completed various other recent acquisitions and developments in the Houston region. They include:
- 777 Post Oak
- 5433 Westheimer
- Halliburton | Landmark building on Memorial at Eldridge
- Galleria Place I & II
- Hyatt Regency and Hyatt Place hotels/Galleria
In addition, SHR recently purchased a piece of property to be developed into Margaritaville at Lake Conroe. The 335-key hotel will open next year.
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