Interra Capital Group has recently acquired Memorial Pointe, a 226,586 square foot office building located in Houston. The property was previously owned by Gemini Rosemont and was purchased for $26.3 million in 2007. In 2017, BOK Financial provided a loan of $17 million for the property.
According to reports from the Houston Business Journal, Interra obtained the property through a short sale agreement with BOKF where they agreed to reduce the outstanding mortgage balance by half.
At present, only 25% of the building is occupied and Interra aims to increase this number to over 75% before putting it up for sale again. The building underwent renovations in 2019 and offers amenities such as a fitness center, showers, storage space,and conference rooms for tenants’ use. Additionally,integra plans on making further upgrades to enhance its appeal.
The office building is situated at11767 Katy Freeway within Houston’s Energy Corridor area.Its prime location just off Interstate10 makes it easily accessible while being approximately15 miles away from downtownHouston.This recent acquisition marks another successful investment by Interra Capital Groupinthe commercial real estate market.
