HOUSTON – (Realty News Report) – Mission Companies, a Houston-based commercial real estate firm, has been acquired The Westchester, a 117,261-SF office building in West Houston.
JLL Capital Markets represented the seller and arranged financing, working on behalf of Mission to arrange the CMBS loan for the acquisition.
The Westchester is located at 11451 Katy Freeway in close proximity to CityCentre, Memorial City and Town & Country, which offer numerous retail, dining, entertainment and healthcare amenities. (Earlier this month, Midway announced plans to start construction on CityCentre Six – a 19-story, 320,000 SF office tower that is 65 percent pre-leased.)
Mission’s Westchester building property is located in the Katy Freeway West submarket, one of the most active leasing submarkets in the U.S. over the last 12 months, with immediate access to Interstate 10 and Beltway 8. According to JLL’s fourth quarter report, the Katy Freeway West submarket has a direct office vacancy rate of 23.5 percent.
The Westchester has benefitted from Houston’s westward migration as the population of West Houston has grown 155 percent over the past 30 years compared to 85 percent growth in the Houston metro.
“We know the West Houston office market and are excited to continue to add value to this project and its’ tenants,” commented Dennis Nelson, Mission’s President & Founder.
The six-story property was built in 1999 and is 74 percent leased. On-site amenities include a conference center, deli, private courtyard and a putting green. A parking garage is located on the two-acre site.
The JLL Capital Markets Investment Advisory team was led by Managing Director Marty Hogan and Senior Director Rick Goings. JLL Senior Director John Ream led the debt advisory efforts on behalf of Mission Companies.
JLL’s Capital Markets has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
The Mission Companies which has operated in Houston’s commercial real estate market for 35 years. owns and manages over 1.5 million SF of office space.
Jan. 23, 2024 Realty News Report Copyright 2024
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File: JLL Capital Markets. Mission Cos. Houston Office Building Acquired. Marty Hogan.Rick Goings