Dallas-based Camco Investment Group has scooped up the 11-story office building at 5300 Memorial Drive in Houston’s Rice Military corridor, one of the inner loop’s rarer office trades and one that already comes with steady rent checks. The boutique Class-A tower sits between Memorial Park and Buffalo Bayou Park and is within walking distance of restaurants, retail and trails, making it the kind of “park to happy hour” location investors still chase even in a choppy office market. The deal highlights continuing institutional appetite for well-located, amenity-heavy office space inside the Loop.
According to The Real Deal, the 153,671-square-foot property was sold by Equus Capital Partners, with JLL brokering the transaction. County records showed the asset carried a $25.7 million appraisal in January, the outlet reported. The Real Deal also noted that JLL’s capital markets team represented the seller while its debt-advisory group arranged financing for the buyer.
Deal details and financing
Industry reporting indicates JLL’s debt-advisory team helped Camco lock in a five-year acquisition loan, with potential lenders ranging from life companies to local and national banks. ConnectCRE reported the building was about 90.1 percent leased at closing, giving Camco immediate cash flow rather than a long lease-up slog. That combination of strong occupancy and structured financing placed the property ahead of many larger but higher-vacancy office trades currently on the market.
What the buyer picked up
JLL’s marketing materials describe the building as an 11-story, roughly 153,000-square-foot Class-A office property with a connected multi-level parking garage and refreshed lobby and common areas. JLL's brochure highlights upgrades to elevators, restrooms and shared spaces that give the tower more of a boutique feel than a commodity office box. Reports also list professional tenants, including U.S. Sen. John Cornyn’s Houston office, among the occupants, according to The Real Deal.
Neighborhood momentum
The Memorial Drive and Rice Military corridors have seen a surge of high-end residential development that is reshaping demand for nearby retail and office space. Local coverage of the neighboring St. Regis Residences points to strong early sales and hefty price tags for penthouses, suggesting more affluent residents are moving into the area. CultureMap reported that the branded condo tower has already racked up hundreds of millions of dollars in early sales, a trend that helps explain why investors are chasing walkable office assets near parks, restaurants and new luxury housing.
Camco is stepping into a stabilized, amenity-rich property that appears positioned for modest repositioning or a careful lease-up of any upcoming vacancies rather than a heavy lift. Industry reporting shows JLL’s capital markets and debt-advisory teams were active on both sides of the deal, a sign the buyer has a clear capital strategy in place. Local watchers will be keeping an eye on lease rollovers and tenant mix as Camco folds 5300 Memorial into its growing Houston portfolio.
