Situated on 6.5 acres at 3250 Briarpark Dr., the Reserve at Westchase was constructed in 1999 and is 100% leased to Cameron International Inc., Aegis Mortgage Corp. and Wood Group Pressure Control. Rudy Hubbard, managing director with locally based Transwestern Commercial Services, says the first lease doesn't roll until 2010, which is what the seller had wanted before putting the building up for sale.
"This was a situation where they developed the building and leased it up. That's their MO," says Hubbard, who with Transwestern's Leah Gallagher represented the seller. It also didn't hurt that demand has been strong for class A office product.
Hubbard tells GlobeSt.com that the four-week marketing period yielded 16 offers, but the JV's due diligence and financial strength put it ahead of the others. "They had the money and were anxious to get into the Houston market," he says, adding that the Austin-based Simmons Vedder and Dallas-headquartered Invesco want to acquire one million sf to two million sf in the market. "They already own about a million sf in Dallas and have holdings in other markets," he adds.
Hubbard believes the JV ended up with a decent product for its first Houston buy. "This is a property with a steady cash flow stream and that's what they're interested in," he adds. "They wanted credit tenants, long-term leases and cash flow stability."
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