Mission Companies Acquires 149,893 SF Office/Flex Complex In Houston
3100 Hayes Rd, Houston, TX, 77082
Building Size
149,843 SF
Asset Type
—
Closing
Nov 22, 2023
About this deal
AI
The sale involved Westchase Commons, a three-building office/flex industrial complex located at 3100 Hayes Rd, Houston, TX, 77082. The property spans 149,893 square feet and is situated in the Houston market.
Summary of transaction details:
- Property Type: Office/Flex Industrial Complex
- Transaction Amount: Not disclosed
- Seller's Representative: Trent Agnew (JLL)
- Buyer: Mission Companies
- Square Footage: 149,893 SF
- Market: Houston
JLL Capital Markets facilitated the sale of Westchase Commons and arranged financing for the transaction. The property, completed in 2001, offers a flexible building design suitable for a variety of tenants. It features grade-level, semi-dock, and dock-high loading areas, as well as open floorplan layouts and an above-average parking ratio. Currently, the property is 77.2% leased to an investment-grade tenant roster. The seller was represented by Kevin McConn and Trent Agnew, while the financing was handled by John Ream and Michael Johnson from JLL.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93