HOUSTON—A four-decade-old shopping mall that was remade into anoffice complex has traded for an undisclosed sum to OmninetCapital. The 525,580-square-foot Southwest CorporateCenter is located in Houston's southwest/Beltway 8 submarket.

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HFF marketed the property on behalf of theseller, TX 9700 Bissonnet LLC. Omninet purchased the property on anall-cash basis and closed in less than three weeks.

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SCC was transformed from the former Westwood Mall and renovatedin 2000. The property is 61.9% leased to tenants including StewartLending Services, Texas Children's Health Plan and CorinthianCollege. The two-story property is situated on more than 40acres at 9700 Bissonnet Street close to the U.S. Highway 59 andBeltway 8 interchange, and the Memorial Herman medical complex insouthwest Houston.

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HFF's team was led by senior managing director RustyTamlyn and Wesley Hightower, along withRhonda Toming, formerly with HFF and now atFischer Cos. “OmniNet focused on this asset due to its size andscale and the substantial value creation through lease up of theprimarily secondary generation vacancy,” Tamlyn says. “Theymoved at a very fast pace through their due diligence and closing,and intend to keep CBRE on the asset for leasing and management inthe interim.”

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SCC was Los Angeles-based Omninet's first acquisition inHouston, although it has acquired commercial properties in Austin,Dallas and San Antonio. “Due to the current opportunities in theTexas markets, Omninet has decided to allocate an additional $250million in Texas in the next 12 months,” says Omninet partnerMichael Daniel.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.