Capital Commercial Investments
(CCI) is pleased to offer an investment opportunity in the greater Houston
area. Please call to request our asking price for Two Kuykendahl
Place. Two Kuykendahl Place is located in North Houston’s Technology
Corridor at 15531 Kuykendahl near F.M. 1960. The building contains
49,453 net rentable square feet and is 76% occupied. Medical and
dentist tenants occupy 40% of the office building, whcih includes a large
pediatric dental center. Constructed in 1982, the three story energy
efficient building offered ample parking and boasts an attractive marble
atrium with a glass-enclosed elevator.
Construction and amenities at Two Kuykendahl are of the
highest quality. The building exterior is attractively clad in black
aluminum and energy efficient reflective glass. The two story atrium
features a marble encased glass elevator and abundant light and greenery.
The modern designed building also features wide corridors, 9 foot ceilings,
solid core wood finish doors and stainless steel hardware. Assuring
tenants of their safety is a state-of-the-art Electronic card key entry
system. The propert has 190 parking spaces giving it a 4 per 1000
SF parking ratio. The original loan on the building in 1985 was for
$3,500,000 or $70 PSF reflecting a value in excess of $4,300,000 at that
time.
Two Kuykendahl Place is located just off F.M.1960, a major
east-west thoroughfare in North Houston, in an area highlighted by extensive
retail and restaurants and numerous high-end subdivisions. Residential
growth in Northwest Houston and the construction of the Sam Houston Parkway
continue to enhance the building and its leasing. The Technology Corridor/F.M.
1960 submarket is comprised of 6,378,167 SF with an average occupancy of
86.61% and an average lease rate of $15.46. The average rental rate
for Class B buildings is $15.48 with an average occupancy of 86.77%.
The current average rental rate at Two Kuykendahl is $11.31 PSF affording
new ownership an excellent opportunity to raise tenants to market.
Additionally, in an effort to make the partially vacant third floor more
attractive to potential tenants, CCI divided approximately 12,048 square
feet into three (3) model suites. The cleaned and painted second-generation
non-slab space has made it easier for smaller tenants to visualize how
the space can work for them. Regis Inventory recently moved into
one of these spaces. The remaining space can still be subdivided
for any tenants needs from 1,000 SF up to 10,000 SF
This building offers prospective owners the ability to
attract new tenants with very competitive rates compared to the current
average market rates. This opportunity to dramatically increase the
NOI of the building can be achieved through increasing the building’s average
rental rate up to Class B market rates of $15.48 PSF. We believe
the building offers investors the opportunity to purchase a medical tenanted
building below replacement costs of $90 PSF.
This opportunity represents an excellent
investment for the following reasons:
-
Medical tenants with high tenant improvements
increases long-term renewal probability
-
Obtaining a high quality building of
1980 construction for less than $51 PSF
-
Convenient north Houston locations
eith easy access to I-45 and other major arteries
-
Proximity to Intercontinental Airport,
a wide variety of restaurants, shopping and entertainment
Please call us immediately if you have
any interest or to request a package.
CONTACT: Derek
George (713) 621-7300 Ext. 13 or E-mail:
Dgeorge@capitalcommercial.com
Two
Kuykendhal
