December 26, 2011
HOUSTON - Houston-based Boxer Property has purchased the eight-story Wells Fargo Building at 13201 Northwest Freeway in Houston. The 134,766 square foot office building has a current occupancy of 64 percent and boasts full service Class A amenities. 13201 Northwest Fwy is located near the Northwest side of Houston, at the corner of Hwy 290 and Hollister, midway between Loop 610 and Beltway 8. Boxer Property represented itself in the purchase.
“Leasing has been very positive at our other property in this area, so we saw the acquisition of the Wells Fargo building as a natural fit. This addition of 13201 gives us more inventory to keep up with the leasing momentum we currently have in this submarket.”, commented David Kayle, Boxer’s lead Acquisitions manager.
Boxer purchased two other office buildings in Dallas earlier in December.
December 21, 2011
SEATTLE – The Seattle office of Hines, the international real estate firm, announced that Hines Global REIT has acquired Fisher Plaza, a two-building office complex in Seattle, from Fisher Media Services Company, a wholly-owned subsidiary of Fisher Communications, Inc. Hines will assume property management responsibilities on behalf of Hines Global REIT.
Completed in 2003, Fisher Plaza contains a five-story building and a six-story building totaling 293,727 square feet of office, retail, broadcast, telecommunications and data center space. The complex is 96 percent leased to tenants including: Fisher Communications,
December 19, 2011
HOUSTON – HFF has arranged a $50 million refinancing for Hotel Zaza, a 315-room luxury hotel in Houston’s Museum District.
HFF worked on behalf of the owners of Hotel Zaza to secure the 10-year, fixed-rate loan through Goldman Sachs Commercial Mortgage Capital, LP.
Hotel Zaza is located at 5701 Main Street adjacent to the renowned Texas Medical Center and Rice University in Houston’s Museum District. Originally built in 1925 as the Warwick Hotel, the property was substantially renovated, and reopened in 2007 as Hotel Zaza, a boutique hotel with 241 guest suites, 51 villas and suites, 10 concept suites and eight “Magnificent Seven” ultra-luxury suites. Hotel amenities include ZaSpa, a pool with private cabanas and full-service bar and grill, 21,000 square feet of meeting space and the Monarch Restaurant.
The HFF team representing the borrower was led by senior managing director Mark West, director John Bourret and associate director Colby Mueck.
December 19, 2011
Dallas – Houston-based Boxer Property acquired two office buildings in Dallas — Office Alpha in North Dallas, 13140 Coit Road and 14800 Quorum in the Quorum Business Park.
Office Alpha is 101,977 square foot five story office building currently 84 percent occupied and boasts numerous recent renovations. Office Alpha is centrally located just a few minutes of the Dallas High Five, with easy access to I-635 and U. S. Highway 75 (Central Expressway).
14800 Quorum is 103,964 square foot five story office building currently 96 percent occupied and boasts numerous recent renovations. 14800 Quorum is located in the prestigious Quorum Business Park just a few minutes of the Belt Line area of Addison, with easy access the Dallas Tollway, and I-635. Mike Hardage and Steve Simon of Transwestern represented the Seller, KBS Realty Advisors, and Boxer Property represented itself in both purchases.
The purchase of 13140 Coit and 14800 Quorum were not a standard purchase for Boxer as the buildings were already stabilized at purchase. “Normally we are a distressed or value add buyer but we have realized that there is opportunity to buy good quality stabilized class B buildings for very attractive going in cap rates. We don’t know how long this opportunity will last but we will definitely look to purchase more of this product,” said Andre Periera, lead acquisitions manager for Boxer.