HOUSTON – (Realty News Report) – World Houston Plaza, an 8-story building near Bush Airport, has been acquired by a local investors, extending what an apparent rekindling of office investment activity.
David Z. Mafrige Interests purchased the 216,889 square foot office building located at 15710 John F. Kennedy Boulevard at a Ten-X auction.
David L. Carter of Colliers represented the seller in the transaction.
“David Z. Mafrige Interests is extremely excited for the acquisition of World Houston Plaza. We believe World Houston Plaza is the premier office space for the IAH Market,” said David Z. Mafrige of David Z. Mafrige Interests. “We are planning on completing a number of interior and exterior modifications to bring the building up to the DZMI standard for Class A office space. Being locally owned, our team will be able to work with the existing building team to create the best office experience for our tenants.”
The building, constructed in 1985, is located on the north side of the Sam Houston Tollway and south of Greens Road.
It was recently announced that another office building near the airport is for sale: the CityNorth 1 building, which is priced $100 per SF or $25,352,600. The 12-story CityNorth 1 building, 233 Benmar Drive, is part of CityNorth, a 2.1 million SF office park, formerly known as Greenspoint Place. “It’s an unbeatable value in today’s market,” said Keith E. Lloyd of Marcus & Millichap, who is marketing the CityNorth 1 tower.
In addition, Braun Enterprises recently acquired a 90,000 SF office property at 7155 Old Katy Road. David L. Carter and Taylor Wright of Colliers International represented the seller of the Old Katy Road building, Houston Eye Associates.
Younan Properties, a Los Angeles-based investor that says it is targeting Houston real estate, has acquired aa 10-story building on Westheimer Road, its second recent purchase in Space City.
“This is our second large acquisition in the Houston market in less than two months. We are highly active in the Houston market due to the current market cycle and upside potential during the recovery,” says Younan Properties Chairman Zaya S. Younan.
Younan has acquired the 232,000 SF Royal Oaks Centre office building in the Westchase District of West Houston. The building, 11490 Westheimer at Woodland Park Drive, had been owned by California-based Hertz Investment Group since 2017. Danny Miller, head of Houston-based HDM Realty Advisors, represented Hertz in the sale.
Earlier this year, Younan acquired Two Westlake Park, a vacant, 17-story, 455,000 SF office tower located in the Energy Corridor. Bloomberg News. placed the sales price of Two Westlake at $19.25 million.
Houston office investment activity was sluggish in 2020.
Earlier this week, in a column entitled “The Return of The Bottom Fishers,” Realty News Report Editor Ralph Bivins suggested that the timing may be right for a resurgence in office building trades in Houston.
April 28, 2021 Realty News Report Copyright 2021
For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y
File: Another Office Building Sold in Houston
Photo: Courtesy Colliers