Mission Cos Acquires 117,261 SF Westchester Office Building In Houston's Energy Corridor

The Westchester office building in the Energy Corridor of Houston has been sold by Mesa Real Estate Partners to Mission Cos. for the price of $18.34 million. The property, located at 11451 Katy Freeway, spans a total of 117,261 square feet. It was appraised at $17.1 million in April, a significant decrease from its value of $32.55 million in 2012. As of June 2023, the building was 74% occupied, generating an estimated net cash flow of $1.6 million.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $18.34 million
• Buyer: Dennis Nelson - Mission Cos
• Seller: Mesa Real Estate Partners
• Broker: JLL

The buyer, Dennis Nelson, represents Mission Cos, a Houston-based company. The sale involved an $18.34 million loan, which was securitized through Morgan Stanley Bank of America Merrill Lynch Trust, 2013-C8. Despite the decreased property value, the building was still generating a substantial net cash flow at the time of the sale.