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

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

SCC was transformed from the former Westwood Mall and renovated in 2000. The property is 61.9% 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 Herman medical complex in southwest Houston. 

HFF's team was led by senior managing director Rusty Tamlyn and Wesley Hightower, along with Rhonda Toming, formerly with HFF and now at Fischer Cos. “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,” Tamlyn says.  “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.”

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