DML Capital Buys Suburban Houston Office Campus

DML Capital has acquired The Offices at Kensington, a two-building campus in Sugar Land, Texas. Buchanan Street Partners sold the Class A office complex, which totals 171,055 square feet.

Situated at 1600 and 1650 Highway 6, the four-story buildings are 84.1 percent leased. The assets are composed of mainly smaller suites under 5,000 square feet.

Completed in 1998, The Offices at Kensington property covers a 9.6-acre lot, CommercialEdge data shows. The campus includes 681 parking spaces.

Tenants include Freed, Mangan, Edelman Financial Engines, First Genesis, Houston Automobile Dealers Association, Allstate, State Farm, Keller Williams, Celebrity Title and  Roberts Wealth Management, the same data source shows.

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Located at the intersection of Highway 6 and Interstate 69, The Offices at Kensington are nearby several Houston thoroughfares. Retail, dining and entertainment options are available throughout Sugar Land. Downtown Houston is approximately 22 miles northeast of the property.

JLL Capital Markets secured a fixed-rate acquisition loan on behalf of DML Capital for the transaction. Senior Director Rick Goings and Managing Director Marty Hogan with JLL’s Investment Sales & Advisory team represented the seller. Managing Director Michael Johnson and Director Michael King with JLL’s Debt Advisory team represented the borrower.

Late last year, Lionstone Investments signed a 41,114-square-foot lease at another office property in Sugar Land, The Minute Maid Building. A water company will occupy space in the mixed-use development for 15 years. Completed in 2009, the building is less than a mile from The Offices at Kensington.