Park Central Plaza | 1111 N Loop W
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Park Central Plaza 1111 N Loop W
181,671 SF 78% Leased Office Building Houston, TX 77008 For Sale
Investment Highlights
- Park Central Plaza presents the opportunity to own an upgraded asset in a desirable professional area, prominently overlooking Loop 610.
- Highly convenient location, within a 10-minute drive of H-E-B, Home Depot, LA Fitness, Kroger, Office Depot, CVS, and over 100 restaurants.
- Optimistic leasing outlook with recent long-term leases signed, adding to the more than 70,000 square feet rented since January 2023.
- Direct access to Loop 610 and within 15 minutes of The Galleria, Central Business District, Memorial Park, Greater Greenspoint, and Midtown.
Executive Summary
Park Central Plaza, a value-add Class A office investment opportunity, is a prominent office building located in the heart of The Houston Heights/Garden Oaks District. The property is strategically located along the south side of Houston’s 610 North Loop between Ella Boulevard and N Shepherd which allows tenants and visitors ease of ingress and egress to the 610 North Loop.
Park Central Plaza provides access to all major Houston Freeways via the 610 North Loop, which encircles the city. Furthermore, the property is only 11 minutes from Houston’s landmark Uptown/Galleria Shopping District, 13 minutes from Houston’s Central Business District, and 23 minutes from George Bush Intercontinental Airport.
Park Central Plaza is a proven location for a wide variety of professional-based businesses, including insurance, architectural, legal, and an international workplace provider of executive suite/coworking and virtual offices with over 4,000 offices around the globe. Two of the most recent tenants, set to move in during the second half of 2024, have secured 10-year leases for entire floors, offering an investor added income protection with their long-term commitments.
Ownership has made capital improvements to the building, including lobby renovations, restroom upgrades, elevator cab upgrades, and replacing the fire pump system.
Endless shopping and restaurant options for lunch and dinner are available with most being only five to 10 minutes away by car. They include such favorites as Starbucks, Boomtown Coffee Roasters, Rainbow Lodge, Gatlin’s BBQ, Snooze Eatery, Whole Foods 365, H-E-B Grocery, and numerous other restaurant favorites in The Heights.
Today, Park Central Plaza is a unique opportunity for a value-add investor to acquire ownership in a proven office performer. With 11 new tenant signings, expansions, renewals, and rightsizing totaling over 70,000 rentable square feet since January 2023, there is significant leasing momentum, a new leasing team in place, and available financing.
Park Central Plaza provides access to all major Houston Freeways via the 610 North Loop, which encircles the city. Furthermore, the property is only 11 minutes from Houston’s landmark Uptown/Galleria Shopping District, 13 minutes from Houston’s Central Business District, and 23 minutes from George Bush Intercontinental Airport.
Park Central Plaza is a proven location for a wide variety of professional-based businesses, including insurance, architectural, legal, and an international workplace provider of executive suite/coworking and virtual offices with over 4,000 offices around the globe. Two of the most recent tenants, set to move in during the second half of 2024, have secured 10-year leases for entire floors, offering an investor added income protection with their long-term commitments.
Ownership has made capital improvements to the building, including lobby renovations, restroom upgrades, elevator cab upgrades, and replacing the fire pump system.
Endless shopping and restaurant options for lunch and dinner are available with most being only five to 10 minutes away by car. They include such favorites as Starbucks, Boomtown Coffee Roasters, Rainbow Lodge, Gatlin’s BBQ, Snooze Eatery, Whole Foods 365, H-E-B Grocery, and numerous other restaurant favorites in The Heights.
Today, Park Central Plaza is a unique opportunity for a value-add investor to acquire ownership in a proven office performer. With 11 new tenant signings, expansions, renewals, and rightsizing totaling over 70,000 rentable square feet since January 2023, there is significant leasing momentum, a new leasing team in place, and available financing.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
181,671 SF
Building Class
B
Year Built/Renovated
1981/1993
NOI
$1,364,802
Percent Leased
78%
Tenancy
Multiple
Building Height
11 Stories
Typical Floor Size
16,516 SF
Slab To Slab
10’
Building FAR
1.39
Lot Size
3.00 AC
Zoning
N/Ap - Commercial
Parking
675 Spaces (3.72 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Controlled Access
- Conferencing Facility
- Courtyard
- Food Service
- Property Manager on Site
- Security System
- Signage
- Wheelchair Accessible
- Reception
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 140 | 4,752 SF | Retail | - | Now |
| 1st Fl-Ste 150 | 1,336 SF | Office | - | Now |
| 2nd Fl-Ste 250 | 7,547 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 250A | 7,387 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 250B | 1,681 SF | Office | Full Build-Out | Now |
| 3rd Fl-Ste 305 | 2,128 SF | Office | Full Build-Out | Now |
| 5th Fl-Ste 510 | 3,693 SF | Office | Full Build-Out | Now |
| 5th Fl-Ste 515 | 1,500 SF | Office | Full Build-Out | Now |
| 5th Fl-Ste 525 | 3,057 SF | Office | Full Build-Out | Now |
| 7th Fl-Ste 711 | 1,617 SF | Office | - | Now |
| 7th Fl-Ste 730 | 2,122 SF | Office | Full Build-Out | Now |
| 8th Fl-Ste 810 | 4,153 SF | Office | Full Build-Out | 30 Days |
| 9th Fl-Ste 905 | 1,524 SF | Office | Full Build-Out | 30 Days |
| 9th Fl-Ste 910 | 3,541 SF | Office | Full Build-Out | Now |
1st Fl-Ste 140
| Size |
| 4,752 SF |
| Space Use |
| Retail |
| Condition |
| - |
| Available |
| Now |
1st Fl-Ste 150
| Size |
| 1,336 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 250
| Size |
| 7,547 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 250A
| Size |
| 7,387 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 250B
| Size |
| 1,681 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
3rd Fl-Ste 305
| Size |
| 2,128 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
5th Fl-Ste 510
| Size |
| 3,693 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
5th Fl-Ste 515
| Size |
| 1,500 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
5th Fl-Ste 525
| Size |
| 3,057 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
7th Fl-Ste 711
| Size |
| 1,617 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
7th Fl-Ste 730
| Size |
| 2,122 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
8th Fl-Ste 810
| Size |
| 4,153 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 30 Days |
9th Fl-Ste 905
| Size |
| 1,524 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 30 Days |
9th Fl-Ste 910
| Size |
| 3,541 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
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1st Fl-Ste 140
| Size | 4,752 SF |
| Space Use | Retail |
| Condition | - |
| Available | Now |
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1st Fl-Ste 150
| Size | 1,336 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
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2nd Fl-Ste 250
| Size | 7,547 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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2nd Fl-Ste 250A
| Size | 7,387 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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2nd Fl-Ste 250B
| Size | 1,681 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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3rd Fl-Ste 305
| Size | 2,128 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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5th Fl-Ste 510
| Size | 3,693 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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5th Fl-Ste 515
| Size | 1,500 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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5th Fl-Ste 525
| Size | 3,057 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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7th Fl-Ste 711
| Size | 1,617 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
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7th Fl-Ste 730
| Size | 2,122 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
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8th Fl-Ste 810
| Size | 4,153 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | 30 Days |
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9th Fl-Ste 905
| Size | 1,524 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | 30 Days |
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9th Fl-Ste 910
| Size | 3,541 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
About North Loop West
The North Loop West area is located northwest of downtown Houston and includes the fast-gentrifying Heights and Garden Oaks/Oak Forest communities. The largest office properties here are primarily located along the Interstate 610 North Loop, between the Northwest Freeway (U.S. 290) to the west and North Shepherd Drive to the east. It is a short drive (less than 15 minutes) to downtown Houston.
The area has a diverse tenant base. Some of the largest tenants include Quanta Services (construction), cPanel, Inc. (technology), Veterans Evaluation Services (public administration), and Kimco Realty Investors (real estate).
There is a limited supply of office space in the area, and new supply is rare. This part of Houston remains an affordable alternative to nearby office nodes such as the Galleria, Uptown, and the central business district. The node offers excellent highway access and proximity to some of Houston’s key cultural and entertainment amenities, like the Downtown Aquarium; sporting and music venues like Minute Maid Park, the Toyota Center, and the Wortham Theater; and Discovery Green Park.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2020 Population
16,731
134,967
398,011
2024 Population
19,563
152,235
432,126
Population Growth '20-'24
16.9%
12.8%
8.6%
2020 Households
7,756
60,111
165,493
2024 Households
9,063
67,503
181,221
Household Growth '20-'24
16.9%
12.3%
9.5%
Average Age
36
37
38
Median Household Income
$133,079
$96,823
$75,998
Daytime Employees
9,793
120,781
326,014
Total Businesses
1,327
13,039
31,067
College Degree + Higher
65%
54%
44%
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Chipotle | - | - | 5 min walk |
| Chick-Fil-A | - | - | 6 min walk |
| Whataburger | - | - | 6 min walk |
| Wendy's | - | - | 10 min walk |
| Wingstop | - | - | 12 min walk |
| Thomas Bar B Q | Barbecue | $$$ | 11 min walk |
| Starbucks | Cafe | $ | 13 min walk |
| McAlister's Deli | Bakery | - | 15 min walk |
Retail |
||
|---|---|---|
| The Home Depot | Home Improvement | 2 min walk |
| Office Depot | Office Supply | 8 min walk |
| CVS Pharmacy | Drug Store | 13 min walk |
| Lowe’s | Home Improvement | 15 min walk |
| Club Pilates | Fitness | 16 min walk |
Hotels |
|
|---|---|
| SpringHill Suites |
79 rooms
6 min drive
|
PROPERTY TAXES
| Parcel Number | 0780790000003 | Total Assessment | $14,621,175 |
| Land Assessment | $3,268,100 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $11,353,075 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
0780790000003
Land Assessment
$3,268,100
Improvements Assessment
$11,353,075
Total Assessment
$14,621,175
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
About the Architect
Read More
Sale Advisors
Sale Advisors
Jonathan Rauh, Office & Industrial Broker
(262) 364-1926
Contact
Jon Rauh joined Marcus and Millichap in 2019 after graduating from Concordia University Wisconsin with a Bachelor's degree in Sport and Entertainment Business. Jon and his team specialize on the sale of office and industrial properties throughout the country, with a focus on the Midwest and Wisconsin markets.In 2021 Jon received Marcus and Millichap's SRA "Sales Recognition Award" as a result of his cumulative transactions over the calendar year. He has closed over $66 Million in cumulative asset value since joining Marcus and Millichap in 2019. WI: 89610-94
Keith Lloyd, Senior Vice President Investments | Director
(713) 927-4546
Contact
Keith has been an active member of the commercial real estate community in Houston for over 39 years. His area of specialization is the office market, where he provides Investment Sales and owner/user sales as well at Tenant Representation services. In managing assignments, Keith first analyzes his client’s unique economic and business needs. He then works with his client to tailor and execute a strategy for all phases of the real estate transaction. Keith joined Marcus & Millichap in October 2014 and specializes in Office and Light Industrial Investment Sales as well as Office Tenant Representation.
He was consistently recognized by Newmark Grubb Knight Frank and its predecessor Grubb & Ellis, both locally and nationally, for the high level of service he provided his clients. During his 21.5 year tenure at the above firms, Keith was recognized as a Houston Top Ten Producer for 17 out of 21 years years he has was with these firms. He was a Circle of Excellence (a national ranking for the top 100 company Advisors) designee four times during his tenure at Grubb & Ellis and Newmark. Additionally, he was recognized by the Houston Business Journal in 2001,2005 and 2009 as a “Heavy Hitter” in the Houston commercial real estate market.
Specialties:
Investment Sales
Owner/User Sales
Office Tenant Advisor
Land Sales
Experience:
1993 to October 2014: Managing Director, Newmark Grubb Knight Frank; Senior Vice President at Grubb & Ellis.
Professional Recognitions / Affiliations:
NAIOP
Houston Office Leasing Brokers Association
Certified Commercial Investment Member candidate
Outback Texas, a 501-3C organization
He was consistently recognized by Newmark Grubb Knight Frank and its predecessor Grubb & Ellis, both locally and nationally, for the high level of service he provided his clients. During his 21.5 year tenure at the above firms, Keith was recognized as a Houston Top Ten Producer for 17 out of 21 years years he has was with these firms. He was a Circle of Excellence (a national ranking for the top 100 company Advisors) designee four times during his tenure at Grubb & Ellis and Newmark. Additionally, he was recognized by the Houston Business Journal in 2001,2005 and 2009 as a “Heavy Hitter” in the Houston commercial real estate market.
Specialties:
Investment Sales
Owner/User Sales
Office Tenant Advisor
Land Sales
Experience:
1993 to October 2014: Managing Director, Newmark Grubb Knight Frank; Senior Vice President at Grubb & Ellis.
Professional Recognitions / Affiliations:
NAIOP
Houston Office Leasing Brokers Association
Certified Commercial Investment Member candidate
Outback Texas, a 501-3C organization
Christian Hlavinka, Senior Associate / Assoc Director
(414) 699-4326
Contact
Scope of Service
Christian specializes in all aspects of Commercial Brokerage with a focus on sales of investment grade industrial and office properties.
Background and Experience
Christian brings many years of real estate experience to Marcus & Millichap. Christian studied at the University of Wisconsin Milwaukee and is currently a licensed real estate broker.
Organizations
National Office & Industrial Properties Group (NOIPG)
Commercial Associations of REALTORS® Wisconsin (CARW)
National Association of REALTORS® (NAR)
Wisconsin Association of REALTORS® (WRA)
Christian specializes in all aspects of Commercial Brokerage with a focus on sales of investment grade industrial and office properties.
Background and Experience
Christian brings many years of real estate experience to Marcus & Millichap. Christian studied at the University of Wisconsin Milwaukee and is currently a licensed real estate broker.
Organizations
National Office & Industrial Properties Group (NOIPG)
Commercial Associations of REALTORS® Wisconsin (CARW)
National Association of REALTORS® (NAR)
Wisconsin Association of REALTORS® (WRA)
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Park Central Plaza | 1111 N Loop W
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