HOUSTON, TX – May 8, 2018 – HFF announces the sale and financing of Three Sugar Creek, a six-story, 154,263-square-foot Class A office building in Sugar Land, Texas.
The HFF team represented the seller, Radler Enterprises, Inc., and procured the buyer, WEDGE Properties Management L.L.C. Additionally, the HFF team arranged a 10-year, fixed-rate acquisition loan on behalf of the buyer.
Three Sugar Creek is situated on a 3.07-acre site at 3 Sugar Creek Center Boulevard close to the intersection of Highway 69 and U.S. 90. This location along Highway 69 provides visibility to more than 224,000 vehicles per day and provides easy access to Houston’s vast transportation network, including Beltway 8, Westpark Tollway and the Grand Parkway. Sugar Land is an amenity-rich community and Three Sugar Creek benefits from its proximity to more than 10 hotels, 70 restaurants and numerous retail offerings at centers such as Sugar Land Town Square and First Colony Mall, among others. Completed in 2008, the Class A asset offers 26,000-square-foot floor plates and floor-to-ceiling glass with 10.5’ and 9.5’ finished ceiling heights throughout. Three Sugar Creek was approximately 95 percent leased at the time of sale.
The HFF investment advisory team representing the seller included senior managing director H. Dan Miller and senior director Marty Hogan. Radler Enterprises was represented by Tom Radom.
HFF’s debt placement team representing the borrower consisted of senior managing directors Susan Hill and Wally Reid.
According to Miller, Three Sugar Creek is one of the finest quality suburban buildings for its size in Houston.
Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.
About Radler Enterprises, Inc.
Radler Enterprises, Inc. is a privately-held real estate investment and development firm based in Houston, Texas. Since its inception locally in 1987, Radler has specialized in the development, acquisition and management of commercial properties, primarily consisting of office buildings, but also including regional shopping malls, shopping centers, industrial complexes, and tracts of development land. Radler approaches each transaction with a great attention to detail and focus on integrity and primarily transacts in the $30-$80mm range. Radler was founded in California in 1979 and continues to hold assets nationwide today.
About WEDGE Properties Management L.L.C.
Founded in the 1970s, WEDGE has made controlling private equity investments in a wide range of industries including manufacturing, trucking, food processing, engineering, construction, oilfield services and real estate. Today, WEDGE is focused on acquiring and managing income-producing real estate. WEDGE primarily invests in value-add cash-flow U.S. real estate with long-term upside potential. A typical investment size is $25.0 million to $50.0 million, financed with conservative levels of leverage between 50% to 65% loan to value. WEDGE Real Estate Holdings’ current portfolio includes 7 hotels and 7 office properties and urban-core, covered land holdings.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
H. DAN MILLER, CCIM, SIOR
TX Lic. #0289851
HFF Senior Managing Director
HFF Senior Managing Director
HFF Director, Public Relations