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
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