The occupancy was over 90% as recently as 2019 which demonstrates the effects of the impaired ownership. Heron Lakes is the benefactor of robust population growth in Northwest Houston, providing tenants with attractive drive times to some of Houston’s most highly regarded suburban neighborhoods including The Woodlands, Champions Forest, Spring Cypress and more. Heron Lakes is a premier option for tenants in northwest Houston as evidenced by it’s high historical occupancy. The buildings, all unique to one another in terms of size, architecture and floor plans, provide tenants both large and small with multiple options.
Jones Lang LaSalle Americas, Inc., as an exclusive advisor to Midland Loan Servicing and Heron Lakes 2005 HQ-7, LLC, is pleased to present the opportunity to acquire the fee-simple interest in Heron Lakes (“The Portfolio”), a seven-building office portfolio comprised of 315,805 square feet, situated on approximately 14.18 acres strategically located in one of the fastest-growing submarkets in Houston. Heron Lakes has unparalleled Beltway frontage and visibility, as well as excellent regional accessibility being located between U.S. Highway 290 and State Highway 249 along the Sam Houston Parkway.
Heron Lakes presents investors the opportunity to acquire an extremely well located seven building REO portfolio at a basis well below replacement cost. The portfolio’s current occupancy at 65.6%, is well below the submarket average of 83% and is a reflection of the previous owner’s under capitalization followed by a year of being operated under bankruptcy protection.
