Exeter Property Group’s Legacy in Fallbrook, a premium office building in northwest Houston, is for sale, according to JLL Capital Markets.
Located at 10720 W Sam Houston Parkway North between Highways 290 and 249, this fully furnished office building offers 207,000 square feet of leasable space. The Harris County Appraisal District has it rated “A+” with an estimated value of over $43 million.
Completed in 2015, the project was Liberty Property Trust’s first office project in Houston prior to the acquisition. Prologis to raise $13 billion in 2020 get.
Exeter, Pennsylvania-based acquired the company in January 2022 as LLC Exeter 10720 Sam Houston. Legacy at Fallbrook boasts LEED Gold certification, a full-service deli, and a gym with separate locker rooms and showers, all new in 2019.
Current tenants include local homebuilder M/I Homes and electronics company Asurion. The offering, which was not listed for a price, also includes nearly 13 acres of development that could be converted into more office space or populate the industrial estate. JLL brokers Kevin McConn and Martin Hogan are the listing agents.
The Northwest Business District has 270,000 residents and is known for its diverse occupations. The average household income is US$98,000, more than 60% higher than the median household income Located in the greater Houston area, according to the U.S. Census Bureau.
The Kinder Urban Institute found last year that Harris County population center continues to move northwest.Northwest Houston is below average Office vacancy rate hovers around 20%According to real estate research firm Avison Young. Meanwhile, the larger metro has a vacancy rate of more than 25 percent.
While Grade B and lower office properties have flooded the market in recent months due to rising vacancies, Fallbrook’s Legacy offers a different example. It is 100% leased and is a success story in Houston’s struggling office market.
All office supply under construction in the greater Houston area is Trophy or A-grade, following the reported “go for the premium” trend. However, according to the first quarter report, there are no new office projects under development in the Northwest submarket.
