Equus sells One Sugar Creek Center in Sugar Land
Kevin Glazer, founder and CEO of Glazer Properties, has purchased One Sugar Creek Center in Sugar Land from Equus Capital Partners, Ltd.
The building is an 11-story, 193,998 square-foot Class-A suburban office building built in 1983. The property was originally acquired in 2015 in behalf of BPG Investment Partnership IX, L.P., a discretionary fund managed by Equus.
H. Dan Miller, Martin Hogan and Johnny Kight of Holliday GP Corp. represented Equus in the sale.
“The 11-story office building is strategically positioned at One Sugar Creek Boulevard at the signalized hard corner of U.S. 69 and Dairy Ashford Road about 19 miles southwest of downtown Houston,” said Christopher Locatell, senior vice president and director of dispositions for Equus. “The high-visibility site is less than one mile from Interstate 69 and U.S. 90 and proximate to several additional transportation arteries in the Houston MSA, including Beltway 8, Westpark Tollway and Grand Parkway. One Sugar Creek Center is close to many of Sugar Land’s residential communities that are consistently on the list of national “Best Places to Live” surveys and include First Colony, Greatwood, New Territory, River Park and Imperial. Recently renovated in 2017, the institutionally owned property is 90% leased to tenants, including Comerica Bank, Wholesome Sweeteners, Amerex Brokers Natural Gas and Alamo Environmental.”
Locatell, Mark Ledger, senior managing director, and Greg Chapin, vice president, oversaw the transaction Equus.
According to a news release, One Sugar Creek Center is “situated on 4.5 acres and provides a favorable parking environment with surface parking and an attached four-level parking garage which together provide an overall parking ratio of 4.2 spaces per 1,000 square feet.”
The property’s most-recent renovations were completed in early 2017 at a cost of about $3.15 million. The renovation of the “common areas included new finishes and art in the main lobby, adding a new security / concierge desk in the lobby, new electronic building directory, elevator cabs upgrades, adding a building conference center on the first floor, new finishes in the restrooms, upgraded elevator lobbies and finishes in the corridors. In addition, extensive work was completed on the exterior curtain wall as well as landscaping and hardscape enhancements to increase the activity, visibility and curb appeal of the property.”
One Sugar Creek Center has an “on-site deli, full-service Comerica Bank branch, tenant conference room and lounge, 24-hour security, tenant outdoor seating area, corn hole court, and on-site property management.”
The property is near Memorial Hermann, Texas Children’s, Sugar Land Methodist and MD Anderson hospitals.