Interra Picks Up Distressed Houston Office Building
Interra Capital Group has acquired Memorial Pointe, an office building in Houston spanning 226,586 square feet. The asset was last owned by Gemini Rosemont, which acquired it in 2007 for $26.3 million. In 2017, the property became subject to a $17 million loan from BOK Financial. The Houston Business Journal reports Interra purchased the property in a short sale, in which BOKF agreed to lower the outstanding mortgage loan balance by 50%.
At the time of the sale, the property was 25 percent leased. Interra says it wants to raise the occupancy rate above 75% before selling it. The 40-year-old building was last renovated in 2019. Tenant amenities include a fitness center, showers, storage space, a café and conference room. Interra says it expects to add some upgrades.
Located at 11767 Katy Freeway within the Energy Corridor, the building is just off Interstate 10 and roughly 15 miles west of downtown Houston.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.