35 South Capital and Lee & Associates – Houston Announce Joint Venture on Houston’s Booming West Side
July 27, 2022 (HOUSTON) – 35 South Capital and Lee & Associates – Houston have announced the acquisition of 10497 Town and Country Way, a 150,000-square-foot Class A office building on Houston’s west side less than a quarter mile from the bustling Memorial City and CityCentre mixed-use districts. The property will house both companies, with Lee & Associates – Houston overseeing the leasing and property management.
Both 35 South Capital and Lee & Associates – Houston have been actively pursuing strategic real estate opportunities throughout Texas and the Greater Houston area. 10497 Town and Country Way was specifically identified as a high value target given its attractive location, historical occupancy and the $4.5 million interior and exterior renovations that were recently completed.
“The ability to acquire this asset with a proven partner that will owner-occupy, lease and manage made the procurement of the building that much more attractive to pursue,” said 35 South Capital CEO John Morton. “We are excited to enter into this venture together and look forward to jointly optimizing this investment moving forward.”
“Our company has been fortunate to have our Houston headquarters located in such a great area for some time, and we have been seeking an asset to purchase in order to continue our growth in what is now the center of Houston,” said Chris Lewis, managing partner of Lee & Associates – Houston. “We are thrilled to have the 35 South Capital team partner with us in this endeavor.”
The seller, an affiliate of Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading real estate investment managers, was represented by the Houston JLL Capital Markets team led by Managing Director Kevin McConn and Senior Director Rick Goings. JLL’s Debt Advisory team representing the buyer/borrower was led by Senior Managing Director Kelly Layne and Senior Director John Ream, who arranged the acquisition loan through Independent Bank on behalf of the 35 South / L&A joint purchasing venture.
ABOUT 35 SOUTH CAPITAL
35 South Capital is a real estate investment company founded by four accomplished industry veterans in 2021. Its mission is to provide “best in class” real estate investment opportunities to investors by leveraging its strong Texas-based relationships and designing creative solutions for complex transitions that maximize the potential for each asset. The team's experience is critical in achieving optimal outcomes through an active approach to deal execution and asset management, focused on investing in the four major markets of Texas: Houston, Dallas, Austin, and San Antonio. For more information, please visit www.35southcapital.com.
ABOUT LEE & ASSOCIATES - HOUSTON
Lee & Associates – Houston is a fully-integrated commercial real estate company with unrivaled market knowledge and an unwavering commitment to integrity and excellence. Our business-minded brokers specialize in office, industrial and land real estate investments. Lee & Associates – Houston is part of a nation-wide network of brokers in more than 65 offices in North America. The brokerage is uniquely qualified to support our clients’ real estate needs in Houston, across Texas and throughout the US. For more information, visit lee-associates.com/houston.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.