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8/24/17
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Greenspoint Place, a mixed use portfolio in the North Houston District of Houston, was recently acquired by a venture between H.I.G. Realty Partners and Lincoln Property Company (LPC). The portfolio, consisting of six office buildings totaling over 2 msf and three adjoining retail centers, was sold by Northwestern Mutual Life Insurance.
Developed between 1978 and 1992, Greenspoint Place is located at the intersection of Interstate 45 and the Sam Houston Tollway near Bush Intercontinental Airport, providing convenient access to neighboring communities. In 2015, a 7k sf, high-performance fitness center and a 10k sf state-of-the-art conference center were added as tenant amenities.
The buyers plan to reposition Greenspoint Place back to its decades-long standing as a premier office portfolio in the region. Charlie Giammalva, Senior Vice President with LPC, noted that the portfolio represents a significant lease-up opportunity at a great value.
The transaction price was not disclosed. LPC’s Zach Thomas oversaw the purchase. Kevin Wyatt, also with LPC, will act as the exclusive leasing agent at Greenspoint Place. The acquisition of Greenspoint Place brings LPC's Houston office holdings to over 9 msf.
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