This property is Off-Market

2616 South Loop West
Houston, TX 77054 ·

82,019 SF · Office For Sale

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Reliant Corporate Center

Price N/A Occupancy 91%
Building Size 82,019 SF No. Stories 6
Property Type Office Tenancy Multiple
Property Sub-type Office Building Year Built 1980
Property Use Type Investment Lot Size 2.52 AC
Commission Split 1% Parking Ratio 3.13 / 1,000 SF
Cap Rate 9.50%
Listing ID: 16027274 Date Created: 12/15/2008 Last Updated: 06/28/2010

Description

Voit Commercial Brokerage, as exclusive advisor, is pleased to offer the opportunity to acquire the fee simple interest in the Reliant Corporate Center in Houston, Texas. The three, six-story office towers located at 2600, 2616 & 2626 South Loop 610 West are situated in close proximity to the world-renowned Texas Medical Center, Reliant Park, the Houston Central Business District and the Houston Galleria area. Each property is available for purchase on an individual basis or in any combination of the three.

Two of the buildings (2616 and 2626) are encumbered with attractive, assumable GMAC loans that boast mid 5.0% interest rates and maturity dates in 2015. The remaining principal loan balances equate to high loan-to-value ratios at the respective asking prices, atypical of new financing alternatives available in the marketplace. Additionally, the two GMAC loans contain provisions therein that permit the assumption of the same by a tenant-in-common (TIC) sponsor/purchaser.

Despite the recent national financial turmoil, the Greater Houston market and Medical Center/South Main submarket remain strong, supported by strong fundamentals characterized by healthy occupancy, rental rates and net absorption. Additionally, with occupancy approximately equal to or above 90% at each building, an investor is provided with the opportunity to acquire one or more high-quality, stable assets at very reasonable prices per square foot.

Highlights

  • Attractive Assumable Financing Two of the buildings (2616 and 2626) are encumbered with attractive, assumable GMAC loans with mid 5% interest rates
  • High Visibility Situated along South Loop 610 West, with an average daily traffic count of approximately 190,000 cars
  • Discount to Replacement Cost At an average price per square foot of of $96.48
  • Recent Capital Improvements In 2003, the buildings underwent over $2,000,000 worth of renovations and code compliance updates
  • Premium In-fill Location The properties are well-positioned in a highly coveted Inner Loop location
  • Recent & Planned Developments The growing area surrounding the properties features many recent and newly planned developments

Research

2616 South Loop West, Houston, TX 77054 (Harris County)

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