Property History
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Property Type
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Marketing Description
Gray Falls Center is a 40,019 SF office building located in the Katy Freeway West submarket of Houston, Texas (the “Property”). The Property is currently 32% leased by a diverse tenant mix, with no tenant making up more than 2,784 SF (7.2% of the NRA). The Property is a two-story office building with large floor plates, allowing for flexibility when leasing the vacant space. The Property has benefitted from strong recent leasing momentum with five new leases totaling 11,772 SF (14.7% of the NRA) signed in the last twelve months.
Gray Falls Center is located just off Westheimer Road, one of Houston’s main east/west arteries. Anchored by the West Oaks Mall, the area features various national retailers including WalMart, Marshalls, H-E-B and Target that serve as natural amenities for the tenants. The Katy Freeway West office submarket (the “Submarket”) is the second largest submarket in Houston with over 28.3 million square feet. The Submarket is home to some of Houston’s major employers including Worley Parsons, McDermott International and Sysco along with many other engineering firms benefitting from the recent increase in oil prices.
Gray Falls Center is located just off Westheimer Road, one of Houston’s main east/west arteries. Anchored by the West Oaks Mall, the area features various national retailers including WalMart, Marshalls, H-E-B and Target that serve as natural amenities for the tenants. The Katy Freeway West office submarket (the “Submarket”) is the second largest submarket in Houston with over 28.3 million square feet. The Submarket is home to some of Houston’s major employers including Worley Parsons, McDermott International and Sysco along with many other engineering firms benefitting from the recent increase in oil prices.
Investment Highlights
- Rebounding Oil Market: Anchored by the energy corridor, the Katy Freeway West office submarket has improved due to the recent surge in oil prices. The price for a barrel has averaged $65.63/barrel in 2018, a 25% increase over the 2017 average of $52.51/barrel. As the energy market continues to improve, leasing velocity in the Submarket is projected to continue to increase.
- Recent Leasing Momentum: The Property has experienced strong recent leasing momentum in the last twelve months having signed five new leases totaling 11,772 SF (14.7% of the NRA).
- Below Replacement Costs/Basis-Play: The Property is anticipated to trade at a price below replacement cost, allowing investors a sustainable basis. Consequently, investors will be able to compete for tenants with lower rental rates, expediting the lease-up time frame.
- Strong Retail Amenity Base: The Property benefits from a desirable surrounding amenity base within a short drive of the Property (sub 1 mile) including eateries such as Fuddruckers, Chick-fil-A, Chipotle and P.F Chang’s along with established retailers such as WalMart, H-E-B and Target.
- Excellent Access: Gray Falls Center is proximate to I-10 and Beltway 8 which provide access into downtown Houston and the surrounding suburbs. The Property is also conveniently located on the eastern side of Houston in close proximity to affluent suburbs such as Katy and Cinco Ranch. This location allows for the Property to be a seamless commute for executives and decision makers living in these affluent suburbs.
Loan History
Financial History
Tax History
Contact Information
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Ownership Information
Property Details
Contacts
Listing removed on
BY:
Sean Ryan
•••.•••.1931
••••.ryan@•••.com
Listing removed on
BY:
Stephen Van Leer
•••.•••.0102
•••••••.•••leer@••.•••.com
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