Gemini Rosemont Sells Houston-Area Office Portfolio – What is a Ground Lease?
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10200 Grogans Mill Road. Image courtesy of CommercialEdge
Two office buildings in the Woodlands, Texas, suburb of Houston totaling 153,294 square feet have traded. The buyer is Black Forest Ventures, according to public records. The assets were last owned by Gemini Rosemont. JLL brokered the transaction, representing the seller and procuring the buyer. Together, the two properties were 66.7 percent leased at the time of the sale.
The first, five-story building is located at 10200 Grogans Mill Road and comprises 80,180 square feet. Built in 1980 on a 5-acre site, the property features a recently renovated lobby and common areas. Tenants include companies operating in a diverse mix of sectors including law, finance and civil engineering, according to CommercialEdge information.
Less than a mile away, at 1610 Woodstead Road, sits the second asset, comprising 72,601 square feet. The four-story building was constructed in 1982 and occupies a 4.7-acre site. The tenant roster encompasses firms in industries such as oil and gas, technology and consulting, as well as logistics, among others.
A strong Houston submarket
The two buildings are situated near Interstate 45, roughly 30 miles north of Houston. They are also within walking distance of The Woodlands Town Center, which encompasses a wide array of dining, retail and entertainment options.
Senior Director Rick Goings along with Managing Directors Marty Hogan and Kevin McConn led the JLL team that facilitated the deal. Goings stated in prepared remarks that despite economic headwinds, assets located in strong submarkets still generate investor interest. A recent CommercialEdge report shows that nationally, office transactions amounted to $9.4 billion year-over-year through April. Houston ranked as the sixth metro by volume, at $466 million.
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The two buildings total 153,294 square feet.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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