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580 Westlake Park BLVD, Hou...

Younan Properties Inc Acquires Property At 580 Westlake Park Blvd In Houston With JLL's Broker Team
SOLDOffice

Younan Properties Inc Acquires Property At 580 Westlake Park Blvd In Houston With JLL's Broker Team

580 Westlake Park BLVD, Houston, TX...

Building Size

455,000 SF

Asset Type

Office

Closing

Nov 19, 2023

AI

The property asset involved in the transaction is Two Westlake Park, located at 580 Westlake Park BLVD, Houston, TX, within the Houston market. This office building offers a total square footage of 455,000 and was constructed on 5.4 acres in 1982, situated within an office development that encompasses more than 2.8 million square feet across 58 acres.

Summary of transaction details:

  • Property Type: Office Building
  • Transaction Amount: Not Disclosed
  • Address: 580 Westlake Park BLVD, Houston, TX
  • Square Footage: 455,000
  • Seller's Representative: Martin "Marty" Hogan-JLL, Danny "Dan" Miller, Daniel Miller-Rubicon
  • Buyer: Younan Properties Inc
  • Seller: PIMCO

The deal involved key individuals and companies, with Dan Miller and Marty Hogan from JLL representing the seller, PIMCO. Younan Properties Inc., a subsidiary of Younan Co. based in Los Angeles, was self-represented in the transaction.

Players

Danny Miller

Broker

15 deals

Broker

Houston Office Market Snapshot

Boundary boundary · Office · Sale transactions

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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