JLL Capital Markets has closed the sale and arranged financing for Westchase Commons, a three-building office/flex industrial complex totaling 149,893 square feet in Houston. Terms of the transaction were not disclosed.
Westchase Commons occupies 13.93 acres at 3100-3120 Hayes Road in Houston’s Westchase District, Houston’s fourth largest office submarket and home to more than 1,500 businesses and major global employers. The property’s location between Westheimer and Richmond, two of Houston’s main east-west thoroughfares, provides connectivity to Beltway 8, Interstate 10, U.S. 59 and Westpark Tollway, which afford regional access to the entire greater Houston area.
Completed in 2001, Westchase Commons has a flexible building design appealing to a wide range of tenants. The buildings offer grade-level, semi-dock and dock-high loading areas; open floorplan layouts and an above-average parking ratio. The property is currently over 77 percent leased to an investment-grade tenant roster.
The JLL capital markets team representing the seller was led by senior director Kevin McConn and managing director Trent Agnew. JLL’s financing team was led by senior directors John Ream and Michael Johnson.
“Despite challenging market conditions, overall investor interest for this asset was substantial. Investors were ultimately attracted to the property due to its unique features such as its high parking ratio, high ceilings, varying dock levels and the single-story nature of the buildings,” McConn said. “Currently at 77 percent leased to a strong roster of credit tenants, the asset provides immediate stable cash flow with the opportunity to achieve attractive value-add returns via lease-up of the remaining vacancy.”