November 2, 2016
Stone Mountain Properties acquired a six-story, 143,211-square-foot office property in Stafford, TX. Griffin Partners sold 12603 Southwest Freeway for an undisclosed amount. Dan Miller and Martin Hogan led the HFF investment team representing the seller.
The Fort Bend Central Appraisal District valued the property at $12 million, with a market value at $13.4 million. The asset is 86.4% leased, and during its hold, Griffin Partners completed major renovations to the lobby, garage, common areas and restroom, and replaced the roof.
Built in the early 1980s, 12603 Southwest Freeway is situated on 5 acres at Interstate 69 and Kirkwood Road in southwest Houston. The asset is across from the former Texas Instruments campus, which is being redeveloped into a four-phase, mixed-use project.
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