Office/flex industrial complex in Houston trades
JLL Capital Markets led sales and financing efforts for the three-building Westchase Commons property
HOUSTON – November 30, 2020 – JLL Capital Markets announced today that it has closed the sale and arranged financing for Westchase Commons, a three-building office/flex industrial complex totaling 149,893 square feet in Houston, Texas.
JLL represented the seller, and procured the buyer, Mission Companies. Additionally, JLL worked on behalf of Mission Companies to secure the acquisition loan through Woodforest National Bank.
Westchase Commons occupies 13.93 acres at 3100-3120 Hayes Road in Houston’s Westchase District. The Westchase District is Houston’s fourth largest office submarket and is home to more than 1,500 businesses and major global employers. The property’s location between Westheimer and Richmond, two of Houston’s main east-west thoroughfares, provides connectivity to Beltway 8, Interstate 10, U.S. 59 and Westpark Tollway, which afford regional access to the entire greater Houston area.
Completed in 2001, Westchase Commons has a flexible building design appealing to a wide range of tenants. The buildings offer grade-level, semi-dock and dock-high loading areas; open floorplan layouts and an above average parking ratio. The property is currently 77.2% leased to an investment-grade tenant roster.
The JLL Capital Markets team representing the seller was led by Senior Director Kevin McConn and Managing Director Trent Agnew.
JLL’s financing team was led by Senior Directors John Ream and Michael Johnson.
“Despite challenging market conditions, overall investor interest for this asset was substantial. Investors were ultimately attracted to the property due to its unique features such as its high parking ratio, high ceilings, varying dock levels and the single-story nature of the buildings,” McConn said. “Currently at 77% leased to a strong roster of credit tenants, the asset provides immediate stable cash flow with the opportunity to achieve attractive value-add returns via lease-up of the remaining vacancy.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mission Companies
The Mission Companies is a local conglomeration of firms providing commercial real estate services to property owners, tenants and investors in Texas for over 34 years. To learn more, please visit: missioncompanies.com.