LandPark Advisors arranges acquisition of Corporate Park Office Buildings in Stafford, Texas
July 12, 16
Peter Wall and Bill McGrath of LandPark Advisors represented Stone Mountain Properties in the acquisition of Corporate Park, which consists of two multi-tenant Class B office buildings in Stafford, Texas. The two buildings total approximately 185,965 square feet of net rentable area.
Corporate Park, located at 10701 & 10707 Corporate Drive is situated in the Sugar Land/Stafford area near the intersection of the Southwest Freeway-US 59 and Hwy 90. “Office buildings within the Sugar Land area are particularly attractive to locally based, professional companies whose executives live within the surrounding exclusive neighborhoods and have a strong preference to office close to home. These buildings feature rents well below the Class A average coupled with a location superior to other Class B properties in the Stafford/Sugar Land area. Corporate Park fits nicely into our commercial portfolio and offers tenants an alternative to the high Class A rents in the area.” – stated James Birney, Managing Director for Stone Mountain Properties.
The Corporate Park buildings had undergone almost $2 million in capital improvements under the previous ownership. This acquisition increases Stone Mountain’s commercial portfolio to over 820,965 square feet in Texas and New Jersey. In addition to its commercial portfolio, Stone Mountain has a multi-family portfolio of over 2,500 units and more than 120 acres of land.
LandPark Commercial was hired to provide both property management and leasing services on behalf of Stone Mountain Properties. For leasing information, please contact Bill McGrath at 713-789-2200.