Firm Secures 110,529 Sq. Ft. Asset in Second Investment Acquisition
Belvoir Real Estate Group, LLC recently completed the purchase of 7660 Woodway Drive, a 110,529 sq. ft. Class B office building located at the intersection of San Felipe Street and Voss Road in Houston’s Memorial Villages neighborhood. Belvoir’s acquisition team was led by Managing Director Matthew Goldsby and Senior Financial Analyst Bradley Smith. JLL Capital Markets’ investment team represented the seller, with efforts led by Danny Miller and Marty Hogan. Additionally, JLL’s debt placement team, led by James Brolan and Michael Johnson, coordinated financing for the acquisition.
Located in the heart of Memorial Villages and adjacent to the popular retail and entertainment district Memorial City, the building has a strong historic tenant base of local professionals. Belvoir plans to improve the property – which was built in 1982 and currently sits at around 90% occupied – with common area renovations, improved amenities and upgraded construction elements.
Belvoir will self-perform property operations, including leasing and management, with Rose Hernandez leading management and operations efforts. The purchase of 7660 Woodway Drive follows Belvoir’s early 2019 acquisition of Broadfield at Park Ten, an 85,050 sq. ft. office property at 15810 Park Ten Place in Houston’s Energy Corridor. Broadfield was originally acquired at 65% occupancy before being brought to 90% occupancy within the first three months of ownership by the Belvoir leasing and management teams.
“7660 Woodway was already a great asset at a notable location. We are excited about the opportunity to add value to the building for the tenants while continuing to selectively grow our investment portfolio here in Houston,” commented Matthew Goldsby, CCIM, Managing Director of Belvoir. “We are long term bullish on the Houston market, as well as the other major and secondary markets across Texas. As a full service commercial real estate firm, we’re excited to continue growing all aspects of our platform to meet the dynamic real estate needs across the Bayou City and the great state of Texas. Considering everything that has occurred through the start of 2020, Belvoir is more committed than ever to serving our community, tenants, clients and partners.”
Bradley Smith, Senior Financial Analyst at Belvoir, added, “Our acquisition of 7660 Woodway during one of the most financially turbulent times of the modern era is a product of the strength of our team’s underwriting and the high level of trust we’ve cultivated with our stakeholders. As an investment platform, we define our firm’s value not by our ability to place profitable investments when the world is humming along, but by the vision to identify and close on chronically overlooked opportunities in challenging markets and uncertain conditions.”
About Belvoir Real Estate Group, LLC
Belvoir Real Estate Group provides brokerage, investment, development and management services through a team of experienced commercial real estate professionals. The diverse backgrounds of Belvoir’s principals give them a unique perspective in evaluating and executing real estate strategies for various product types, including office, industrial, multifamily, mixed-use and land. Belvoir focuses on building long-term client relationships by providing high-touch, premier quality service. For more information, visit belvoir.net or call 713.332.8202.
