JLL Capital Markets has closed the sale and arranged financing of The Westchester, a 117,261-square-foot office building in West Houston, Texas.
JLL represented the seller in the sale of the property to Mission Companies. In addition, JLL worked on behalf of Mission to arrange the CMBS loan for the acquisition.
The Westchester is located at 11451 Katy Freeway in close proximity to City Centre, Memorial City and Town & Country, which offer numerous retail, dining, entertainment and healthcare amenities. The property is positioned 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.
In addition, The Westchester has benefitted from Houston’s westward migration as the population of West Houston has grown 155% over the past 30 years compared to 85% growth in the Houston metro.
The six-story property was built in 1999 and is 74% leased to a diversified rent roll. On-site amenities include a conference center, deli, private courtyard and a putting green. The two-acre site also offers structured parking.
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.
