Jones Lang LaSalle Inc.

01/13/2020 | Press release | Distributed by Public on 01/13/2020 08:34

JLL closes sale, arranges financing for River Oaks Bank Bldg

HOUSTON, January 13, 2020 - JLL Capital Markets announced today that it has closed the sale and arranged financing for The River Oaks Bank Building, a 170,233-square-foot, boutique office building in the heart of the River Oaks District of Houston, Texas.

JLL represented the seller, a client advised by L&B Realty Advisors, LLP, and procured the buyer, a joint venture between Houston-based Fuller Realty Partners and Independencia Asset Management. Additionally, JLL placed the acquisition loan on behalf of the buyer.

The River Oaks Bank Building is located at 2001 Kirby Drive at the prime intersection of San Felipe and Kirby in the affluent River Oaks District within Houston's Inner Loop. River Oaks is one of the top seven most affluent neighborhoods in the U.S., with top ranked schools and access to world-class retail and entertainment in nearby Uptown Houston, the Galleria and Rice Village. Renovated in 2017, the 14-story office tower offers average floor plates of 12,400 square feet and is leased to a variety of tenants in the insurance, finance, business services and non-profit industries, among others. The River Oaks Bank Building also features 185 surface parking spaces and a two-story, 323-space attached parking garage.

The JLL Capital Markets team representing the seller was led by Senior Director Kevin McConn, Managing Director Rudy Hubbard and Director Rick Goings.

JLL's debt placement team handling the financing was led by Senior Director John Ream, Senior Managing Director Wally Reid and Managing Director Cameron Cureton.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: U.S. newsroom.

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About L&B Realty Advisors, LLP

L&B Realty Advisors, LLP is an employee-owned, SEC-registered real estate investment advisor offering real estate investment management services to institutional investors. Founded in 1965, L&B has earned a track record of successfully acquiring, operating, developing and selling institutional quality office, retail, industrial and multifamily property on behalf of its clients. To learn more, please visit lbrealty.com.

About Fuller Realty Partners, LLC

Fuller Realty Partners, LLC was established in 1979 and is a privately owned, full service commercial real estate firm headquartered in Houston, Texas. Fuller targets value-add real estate opportunities, and provides equity, property management and leasing to each of its ventures. Learn more at fuller-realty.com.

About Independencia Asset Management LLC

Independencia Asset Management LLC ('IAM') is a real estate asset management firm headquartered in Miami with an additional office in Boston. Since incorporating in US in 2004, IAM has invested in more than 18 million square feet of core-plus and value-add office, retail and industrial assets in 23 states with ten different local operating partners. To date, IAM has invested in over $4B worth of real estate assets through 50+ different SPEs. IAM's current portfolio consists of approximately $2.0B of assets under management through 29 different SPEs.