Capital
Commercial Investments
(CCI) is pleased to offer an investment opportunity in Webster / Clear
Lake, Texas. Please call to request our asking price for the
buildings Regents Park II & III. Regent's
Park is a Class B, two-story building located in Clear Lake City,
Texas
The
subject property is two two-story brick veneer and glass exterior
wall panel office buildings with open, surface, concrete parking.
It is know as Regents Park II (1335 Park Drive) and Regents
Park III (16850 Saturn lane). Each building is identical
in shape and gross building area with garden style atriums and
skylights. The buildings have 41,565 SF of total net rentable
area, for a total gross building area of 42,506 SF. Each
building built in 1984 and 1985 respectively has approximately
21,253 gross square feet and are located on a 2.68 acre site. As
of June 2004, Regents Park has a 92% occupancy level.
The
Clear Lake submarket continues to be one of the strongest in the Houston
area. This submarket remains tied to NASA, federal research
appropriations and the aeronautics industry. Located in the
LBJ Space Center, Regents Park II & III offers excellent Class
B office space to residual business from the aerospace industry.
Clear Lake is a primary white-collar area with many high tech employers.
Regents Park enjoys a high parking ratio of 5:1 with 206 parking spaces.
As
of 4th Quarter 2004, the Clear Lake submarket consists of 70 office buildings with
over 4.3 million square feet of inventory. The submarket’s overall vacancy
level is 16% with a average rate of $15.94 PSF.
Improvements
are considered to be in excellent condition, with no significant deferred
maintenance or other materially adverse conditions. New roof mounted
HVAC units provide tenants with a work friendly environment during
the hot summer months of Houston. Regents Park II has one elevator
with convenient access to parking facilities and the courtyard.
Economic
expansion within the three major employment centers in the Clear Lake
area (Bayport Industrial Project, NASA, and tourism, specifically
water-related recreation) has fueled demand for additional housing
and ancillary commercial facilities in the area. Clear Lake
enjoy a highly diversified, balanced economic structure with a strong
base of aerospace, high-tech, petrochemical, commercial fishing and
boating industries. The Clear Lake area has a population of
over 200,000 residents encompassing over 300 square miles. It
is predicted to continue to grow at an annual rate of 1.8% for the
next five years, verses Texas’s annual population growth of 1.6%.
From 1970 to 1990, the Clear Lake region sustained a 4 percent annual
population growth rate.
This
opportunity represents an excellent investment for the following reasons:
Well-located
office building in the Clear Lake submarket surrounded by quality
neighborhoods, retail, and apartments.
Future
tenant tights, options and space encumbrances enable a purchaser
to realize the benefits of potential higher rental rates in the
immediate future.
Staggered
expirations of large tenants reduces risk potential of building
vacancy variance.
Future
leasing related capital costs have declined as numerous tenants
have renewed throughout 2001.
Please
call us immediately if you have any interest or to request a package.
CONTACT: Derek
George (512) 472-6990 Ext.220 or E-mail:
Dgeorge@capitalcommercial.com
Regent's
Park 
