Investment Overview

Marcus & Millichap is pleased to offer for sale a 100 percent fee simple interest in The Preserve, a seven building multi-tenant office portfolio totaling ±218,689 rentable square feet on ±12.41 acres. The rectangular site is located at 2000-2060 North Loop 610 West at East TC Jester in near northwest Houston, Texas. The campus is comprised of seven, two-story and four-story office buildings ranging in size from ±27,120 rentable square feet to ±52,575 rentable square feet. The office campus is located in a quiet wooded environment with access from both the 610 North Loop feeder and East TC Jester. Such a location provides tenants with ease of ingress and egress. This income producing covered land play offers an investor a very generous positive cash flow on day one. For a developer, the asset affords the opportunity to redevelop the site into Class A multifamily via a possible two-phased process with two multi-tenant complexes thereby allowing an income stream from a portion of the buildings while constructing and leasing phase one. Alternatively, the site is ideal for a medical office complex due to its close proximity to Memorial Herman Hospital located across the freeway. This offering represents an opportunity to acquire a diversified tenant based composed of over 90 tenants with an occupancy of almost 67 percent. Such a diversified rent roll significantly lowers any turnover risk as the average tenant’s size is only 1,660 rentable square feet. The value-add low-rise office complex near the major freeway interchange of 610 North Loop and the Highway 290 freeway offers a compelling story for both near and long-term potential with significant upside. The campus was built in 1970. Parking is a combination of garage, covered carport, and surface lots providing a parking ratio of 3.04/1000 rentable square feet. The site is strategically located only ten minutes to the Houston Galleria Mall, a 2.4 million square-foot mall comprised of 400 stores, restaurants, office buildings and two hotels. The campus is minutes to The Houston Heights, Garden Oaks and other quality neighborhoods that have seen strong growth and redevelopment for young families. It is situated near the major freeway interchange of 610 North Loop and Highway 290 freeway, thereby providing freeway access to all parts of the City of Houston. The property is located in the Flood Zone AE per the following FEMA map: (https://msc.fema.gov/portal/searchAddressQuery=2000%20north%20loop%20west%20houston%20texas).