HOUSTON– Southwest Corporate Center, a 525,580-square-foot office complex that was once the Westwood regional mall, has been sold to Omninet Capital, a Los Angeles-based investment group that is seeking Texas investments.
HFF marketed the property on behalf of seller, TX 9700 Bissonnet LLC. Omninet Capital purchased the property for an undisclosed amount on an all cash basis and closed in less than twenty days.
Southwest Corporate Center was transformed from the former Westwood Mall and renovated in 2000. The property is 61.9 percent leased to tenants including Stewart Lending Services, Texas Children’s Health Plan and Corinthian College. The two-story property is situated on more than 40 acres at 9700 Bissonnet Street close to the U.S. Highway 59 and Beltway 8 interchange, and the Memorial Hermann medical complex in southwest Houston.
The HFF investment sales team representing seller was led by senior managing director Rusty Tamlyn and Wesley Hightower along with Rhonda Toming, formerly with HFF and now at Fischer Companies.
“OmniNet focused on this asset due to its size and scale and the substantial value creation through lease up of the primarily secondary generation vacancy. They moved at a very fast pace through their due diligence and closing, and intend to keep CBRE on the asset for leasing and management in the interim,” according to Tamlyn.
“Due to the current opportunities in the Texas markets, Omninet has decided to allocate an additional $250,000,000 in Texas in the next 12 months,” said Michael Daniel, a partner with Omninet.
Omninet Capital is a private real estate investment firm based in Los Angeles, with commercial properties located in Austin, Dallas and San Antonio with Southwest Corporate Center being their first acquisition in Houston.