Mission Cos Acquires 117,261 SF Westchester Office Building In Houston's Energy Corridor | 11451 Katy Freeway | Office | Sale

Summary

Sale

TEXAS

Office

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.

Details

Deal Summary

SOLD

IMAGE: Dennis Nelson DATE: 01/22/2024 ADDRESS: 11451 Katy Freeway MARKET: Houston ASSET TYPE: Office BUYER: Dennis Nelson - Mission Cos SELLER: Mesa Real Estate Partners BROKER: JLL (@JLL) NOTE: Houston-based Mission Cos. has purchased the 117,261-square-foot Westchester office building in the Energy Corridor from a Mesa Real Estate Partners affiliate, assuming an $18.34 million loan securitized through Morgan Stanley Bank of America Merrill Lynch Trust, 2013-C8. The property, known as 11451 Katy Freeway, was appraised at $17.1 million in April, down from $32.55 million in 2012, and was 74% occupied as of June 2023, generating an estimated $1.6 million in net cash flow for the

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Address11451 Katy Freeway

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