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.