Mission Cos. has purchased The Westchester, a 117,261-square-foot office building in Houston. The buyer landed a $22.9 million CMBS acquisition loan originated by Morgan Stanley, CommercialEdge data shows. HTZ Investments sold the property according to the same source. JLL Capital Markets worked on behalf of the seller and arranged the financing.
The six-story building was 74 percent leased at the time of sale. Tenants include GHD Inc., Sterling Resources, Expert Pain and Prestige Family Dentistry, CommercialEdge reports.
Dating back to 1999, the property features 20,800-square-foot average floorplates, three passenger elevators and some 470 parking spaces. Additionally, there are 2,000 square feet of retail space, a deli, a conference center and a private courtyard.
The 2-acre property is at 11451 Katy Freeway, close to a host of dining and retail options, including the Nottingham shopping mall. Downtown Houston is less than 16 miles away, while George Bush Intercontinental Airport is 28 miles northwest.
The JLL Capital Markets Investment Advisory team included Managing Director Marty Hogan and Senior Director Rick Goings, while Senior Director John Ream lead the debt advisory team. Last year, Hogan and Goings were part of the team that represented CWCapital Asset Management in the sale of a 143,410-square-foot office property in suburban Houston.
Houston’s office sector shows mixed signals
According to the latest CommercialEdge office report, office deals amounted to $1.3 billion year-to-date through November in Houston, ranking among the top-performing markets in the country. The average price per square foot within the same timeframe settled at $127, considerably lower than the $193 national average.
In October, Parkway purchased a 3 million-square-foot office portfolio consisting of two campuses totaling more than 3 million square feet. That same month, Interra acquired Memorial Pointe, a 226,586-square-foot building from Gemini Rosemont.