13013 Northwest Freeway
13013 Northwest Freeway is a seven (7) story office building with a full atrium through all floors with the "core" on the opposite side from the office space. The building suffered from extensive deferred maintenance, inefficient floor plans and poor leasehold improvements. Property went through a foreclosure sale with the new owner only wanting one (1) lease or sale. No capital improvements were available from owner.
A list of tenants with needs of 150,000 square feet and above was identified and targeted. Each tenant was contacted directly. An in depth analysis of the deferred maintenance and retrofit of leasehold improvements was performed so that a complete understanding of the capital requirement was known.
A complex "Bond Finance" deal was structured with Harris County Appraisal District. "HCAD" paid a NNN rate that included market value of property, all leasehold capital improvements, financing cost and buyout of HCAD current lease.
Specialized Bond Financed transaction resulted in a twenty (20) year lease to own.