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Songy Highroads — an Atlanta-based commercial real estate firm that focuses on the acquisition, development and redevelopment of institutional-quality real estate projects primarily in the office and hotel sectors — has announced that it 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 at 14100 Southwest Freeway.
“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 in a news release. “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.”
According to the release, the six-story building is currently 86 percent leased. It was reported that in the past five year, more than $1.7 million in capital upgrades have been implemented, including 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,” Songy Highroads reported.
The 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,” Songy Highroads reported in the release. “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.”
Songy Highroads 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, including:
777 Post Oak
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.