Gateway I & II
Value-Add Office Opportunity for Investor or Owner/Occupier
Marketing description
Marcus & Millichap is pleased to offer for sale a fee simple interest in a two-building office portfolio sale, known as Gateway I & II. The two-building office portfolio sale totals ±268,760 rentable square feet of multi-tenant office space located at 3663 N Sam Houston Parkway East and 15333 John F Kennedy Boulevard in Houston, Texas. Gateway I is comprised of ±114,433 rentable square feet, while Gateway II, offers ±154,327 rentable square feet. The buildings have freeway visibility and are located at the Northwest corner of the North Sam Houston Parkway East and John F Kennedy Boulevard Parkway West. This prime location provides tenants with ease of ingress and egress to the freeway and is only minutes to George Bush Intercontinental Airport.
This offering represents an opportunity to acquire a 36.60 percent leased, value-add, mid-rise office buildings in the heart of the North Belt Office Submarket. The buildings offer both near and long-term potential with significant upside. Gateway I and II were built in 1980 and 1983, respectively, with renovations in 1999 (per Harris Central Appraisal District). The site is approximately ±4.188 acres and includes a five-level structured concrete parking garage with 796 parking spaces and 19 surface spaces tied to both buildings. Additionally, the offering includes an additional three acres of developable wooded land immediately on the north side of the garage. With the above noted ±4.188 acres, the site totals ±7.188 acres.
The buildings are ideal for an opportunistic investor or alternatively an owner/occupier to purchase and relocate its headquarters, which includes three vacant contiguous full floors ready for occupancy. The campus office setting is ideal for private professionals and corporate tenants looking to occupy small suites to full floors.
The property is strategically located only eight minutes from the George Bush Intercontinental Airport, 15 minutes to The Woodlands, and conveniently positioned between corporate campuses, shopping centers, and hotels catering to business travel. It is situated along the Sam Houston Parkway that encircles the City of Houston and provides direct access to two major freeways (I-45 North and I-69). Furthermore, the properties are only minutes to the Hardy Toll Road, a toll road connecting to the heart of Houston and The Woodlands.
Investment highlights
Near and long-term value-add potential with tremendous upside
796 Parking Spaces via a 5-Level Concrete Garage plus 19 surface spaces providing a healthy parking ratio of 3.03/1,000 RSF
Opportunity to acquire a well located and versatile two-building office asset for a fraction of replacement cost
Positioned at NWC of Beltway 8 and JFK Blvd (just 10 minutes to George Bush Intercontinental Airport) with a traffic count of nearly 140,000 vehicles per day, the property capitalizes on Houston’s extensive transportation network offering unparalleled accessibility for tenants
The brand-new Summit at Renaissance Park apartment complex, offering 325 units for rent, is located just 7 minutes from the property. (https://www.livingatsarp.com)
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