DENVER, June 25, 2019 /PRNewswire/ — Today, Northstar Commercial Partners is pleased to announce its acquisition of 77 Sugar Creek Center Boulevard, a 143,000 SF Class A office building located in Sugar Land, Texas, for $27,400,000.
Sugar Land, known for being one of Houston’s most affluent and fastest-growing suburbs, has a wide variety of tenant prospects from oil and gas producers to technology providers. Currently, the Sugar Creek property houses a diverse tenancy of mid-sized offices, with over 35 tenants.
“I love the Texas market, specifically in and around the Houston area,” said Brian Watson, Founder and CEO of Northstar Commercial Partners. “This is a vast and expanding market that many are projecting to surpass Chicago as the third largest city in the United States. Specifically, the Sugar Creek property is a solid building with a covered parking structure, that we plan to continue leasing to quality tenants in a competitive market.”
The six-story Sugar Creek building sits on more than six acres of land, with covered and surface-level parking, offering a ratio of 3.4:1,000 SF. Since 2010, population growth of Sugar Land has increased 45%, alongside annual household income of $151,000, which is 60% greater than the Houston metro average. In addition to sustained growth in Sugar Land, a study run by Arizona State University found that Houston was the #2 city in U.S. job growth in 2016.
“Fast-growing communities have been a key to Northstar’s success, especially as it relates to our prior office acquisitions,” concluded Watson. “I’m especially excited about our new Sugar Creek property, because we have the ability to continue growing in Texas. I love the idea that Northstar will be able to facilitate job growth and opportunity in the Houstonmarket. We look forward to working with tenants and brokers in the area to bring the property up to full occupancy in the coming months.”
About Northstar Commercial Partners
Northstar Commercial Partners specializes in buying vacant, distressed, value-add, and income generating commercial real estate assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities for thousands of people. Since Brian Watson founded the company in 2000, Northstar has closed more than 139 deals, and currently has 48 retail, office, industrial/warehouse, medical, senior care, data centers, and daycare facilities in 15 states under its investment, development, and/or management. The portfolio exceeds $1.4 billion of potential market value. To learn more about Northstar Commercial Partners, please visit www.northstarcp.com.