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, the building received a loan of $17 million from BOK Financial.
According to reports from the Houston Business Journal, Interra obtained the property through a short sale with BOKF agreeing 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 office space underwent renovations in 2019 and offers various amenities such as fitness facilities, showers, storage areas,and conference rooms for tenants’ use. Additionally,the company plans on making further upgrades.
The Energy Corridor location at11767 Katy Freeway makes it easily accessible via Interstate10 and is approximately15 miles away from downtown Houston.This recent acquisition marks another successful investment by Interra Capital Groupinthe commercial real estate market.
