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Houston’s Gemini Plaza Sold to JMK5 Holdings
Partners has arranged the sale-leaseback of Gemini Plaza, a 158,976-square-foot office building in Houston. Universal Weather and Aviation, Inc., the seller, said it would lease back two floors totaling 45,360 square feet of the office building for at least two years. The company produces customized weather forecasting for business aviation.
Cary Latham, Wyatt Huff and Dan Boyles represented Universal Weather & Aviation, in the transaction. Noah Kruger of Savills represented the buyer, JMK5 Holdings.
Gemini Plaza is situated adjacent to the NASA Johnson Space Center on the city’s southeast side. Capital improvements exceeding $6 million have been completed at the property since 2014. The building has a corporate cafeteria with large dining room and surface parking at a ratio of 4/1,000 square feet. Its six stories on 7 acres.
The property, which was built in 1984, has a $10 million assessed value.
- ◦Sale/Acquisition
