Rosemont Realty, the Santa Fe-based commercial real estate agency, announced this week that it had purchased Kirkwood Tower in Houston, Texas. A joint venture between Denver-based Amstar and Dallas-based Frontier Equity sold the 286,000-square foot Class A 15-story tower for an undisclosed price. HFF's H. Dan Miller, senior managing director, Robert Williamson, senior managing director and Martin T. Hogan, director, brokered the transaction, with assistance from Wesley Hightower, real estate analyst. Susan Hill, senior managing director with HFF, assisted in financing the project.
Amstar, in partnership with Frontier Equity, acquired the 70% leased property in 2012 off-market with the objective of stabilizing the property through an aggressive leasing and capital expense campaign. During the partnership's ownership, more than $1.2 million of renovations were completed including upgrades to the common areas and curtain wall. Occupancy increased to more than 90% to a roster of high quality tenants, some of which have been in the building since construction.
"The addition of Kirkwood continues our overall strategy of expanding in key markets where we have a substantial presence," said Michael Mahony, chief executive officer of Rosemont Realty. "Adding Kirkwood to our portfolio bolsters our existing footprint in Houston, where we have the support and infrastructure in place to provide first class, full-service asset and property management, and leasing services."
"Kirkwood was a textbook value-add investment for Amstar where a property in need of proactive management and aggressive leasing was identified in a fundamentally improving market," said Amstar Managing Director Daniel Cohen. "Frontier was instrumental to our success and a great partner to work with from beginning to end. Now we are able to sell at a time when demand for stable office investments is arguably at peak levels."
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