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Hertz Completes Second Major Investment in Houston

California Outfit Buys 807,000-SF Brookhollow Central for $70.5 Million
February 20, 2018
Roughly two months after securing its first ever investment in Texas, Woodland Hills, CA-based Hertz Investment Group has jumped into the Houston market once again this time to acquire the Brookhollow Central office park for $70.5 million, or approximately $87 per square foot, from Parmenter.

Brookhollow Central is a three-building office campus that measures 806,541 square feet on a 10-acre site along the N. Loop Fwy. West and just north of the Galleria in Houston's North Loop West submarket.

Jim Ingram, CIO of Hertz Investment Group, noted the campus provides value-add potential through future leasing. Currently, Brookhollow Central is only 38 percent occupied with Texas HealthSpring, Green Bank, Ethos Energy and Easley, Endres, Parkhill & Brackendorff, P.C. serving as its anchor tenants, according to CoStar information.

“We firmly believe Brookhollow Central will be a property that companies will find attractive due to the location, amenities and opportunities for expansion," added Ingram.

On-site amenities at Brookhollow Central include an auditorium-style conference center, fitness center, sundry shop, cafeteria and parking for more than 3,000 cars. In 2014, Brookhollow Central I was completely rebuilt, with all three buildings also undergoing nearly $16 million in base building improvements in recent years.

Hertz Investment Group entered Texas in mid-December with the purchase of Westchase Park Plaza, a 232,108-square-foot, 10-story office building in Houston home to Crum & Forster, CDM Smith and Advance Energy Partners, among others. Hertz also acquired that property from Parmenter, and has since rebranded the building as Royal Oaks Centre.

With its latest investment, Hertz now owns roughly 1.04 million square feet in the Houston market.

Dan Miller, Marty Hogan, Dane Petersen and Charles Strauss of HFF represented Miami-based Parmenter in the sale and procured the buyer. Lincoln Property Co. has been selected to handle leasing at Brookhollow Central on behalf of the new owner.

For more information on this transaction, please see CoStar COMP #4137129.
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