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Dornin Acquires Two More Value Add Office Buildings in Houston, TX

By Scott Botsford

Houston, TX and Laguna Beach, CA – October 3, 2013 – Dornin Investment Group, a West coast based real estate investment firm, has acquired two well located, Class B office buildings totaling 164,958 square feet located in the prestigious Energy Corridor office submarket in Houston, Texas. The buildings were purchased in an off-market transaction arranged by Dan Miller and Martin Hogan of HFF at an undisclosed price. This is Dornin Group’s second office acquisition in Houston in the last 45 days.

The Properties are situated near the northwest corner of Kirkwood and IH-10 in close proximity to the world headquarters of ConocoPhilips and Shell Oil North American Exploration & Production Group as well as other global energy and engineering firms in the fastest growing metro area in the United States. Built in 1982 and 1984 and located at 1250 Woodbranch and 11931 Wickchester, the buildings were approximately 85% leased at below market rents at the time of sale. Dornin plans to invest a substantial amount of new capital for leasing costs and some minor property upgrades.

“This is an attractive investment for Dornin Investment Group due to the vacancy and rental upside potential of these buildings against the backdrop of exceptionally strong market fundamentals in the Energy Corridor,” said Chris Dornin, President of Dornin Investment Group. “Our all-in basis in this investment is approximately 40% of projected replacement cost and the gap between A and B rents has never been so great.”

The Property resides in the middle of the Energy Corridor office submarket where it is surrounded by some of the most influential and important energy related companies in the world. The Property is less than a five-minute drive from exploration and production companies such as Conoco, Shell Oil, BP America, Citgo, Cabot Oil & Gas and Murphy Oil. Major energy service companies in the same area include Technip, the Wood Group, KBR, Schlumberger, Diamond Offshore, Transocean and McDermott International. The corporate synergy created within the submarket is not easily replicated; thus, increasing the level of importance placed on the Property’s location for its current tenant base seeking the prestige and access to the Energy Corridor but at more reasonable rental rates than Class A.

Financing was arranged in-house by Scott Botsford through an existing relationship with a local Texas bank, ViewPoint Bank. “This was our second transaction with ViewPoint and it was a complex transaction with a lot of moving parts all the way to the very end but ViewPoint worked with us to get it done with a creative, flexible and attractively priced structure tailored to our business plan. They are a great relationship bank and really understand the market,” said Scott Botsford, Director of Finance at Dornin Investment Group.

About Dornin Investment Group
Dornin Investment Group (“DIG”) is a real estate investment and asset management firm that invests in commercial and residential real estate in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic and value-add real estate investments in all major property types with a focus on office, multifamily and hospitality properties. The company offers a full service investment platform providing property management, leasing, construction management and finance through its wholly owned affiliate Dornin Realty Advisors (“DRA”). For more information, visit


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