After filling its Kirby Collection luxury mixed-use development at 3200 Kirby Drive with tenants, New York-based Thor Equities Group has sold the project to an undisclosed buyer.
The one million-square-foot property consists of a 13-story office building, an elliptical 25-story apartment tower with 199 units and 65,000 square feet of retail space across the bottom two floors. Thor Equities broke ground on the project in Oct. 2015 and completed it in late 2017.
While the sales price was not disclosed, the property is valued at $153 million on Harris County tax rolls.
“The successful sale of the Kirby Collection is the culmination of a project we are all so proud of and its contribution to the Houston skyline, an amazing city,” Thor Equities Group Chairman Joe Sitt said in a statement.
Situated on a full block along Kirby Drive between Colquitt and West Main, Kirby Collection is half a mile south of the River Oaks neighborhood. The residential portion is 90 percent leased, the office space is 100 percent leased and the retail is 95 percent leased, according to Thor Equities.
The transaction comes on the heels of a strong first three quarters for real estate deals. Houston has shaped up to be the nation’s sixth most active market for commercial real estate investments in 2021 with $14.2 billion in transactions through the third quarter, according to Real Capital Analytics. The volume of sales is more than double the same period in 2020.
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While Kirby Collection was Thor Equities’ biggest local project, the company has not exited Houston. In Texas, Thor Equities has a shopping center in Cinco Ranch in the Katy area and new logistics centers outside of Dallas.
“Houston is a great city and we look forward to uncovering new opportunities in the market, especially in the industrial and life science sectors,” Sitt said.
Thor Equities, which targets projects in urban locations across the globe, has been investing in industrial properties in the U.S. and Europe. The company also develops projects in the life science sector where it has assets in California, New Jersey, North Carolina, and Massachusetts.
The glass clad Kirby Collection was designed by Los Angeles-based Richard Keating Architecture. Dianna Wong Architecture and Design handled the project’s interior designer.
Office tenants include PROS, Hancock Whitney Bank, Novum Energy, Lukoil, Regency Centers and the Alexander Group. Retail tenants consist of Pinstripes, One Medical, Sweat 1000, Verandah, Isabelle Rose Salon, Jianna Jewelers and A Ma Maniere.