Younan Properties Acquires 455K SF Office Building In Houston From PIMCO
580 Westlake Park Boulevard, Houston, TX, USA
Building Size
455,000 SF
Asset Type
Office
Closing
Jan 6, 2021
AI
The recently closed property transaction in Houston involved the sale of an office asset located at 580 Westlake Park Boulevard. The property spans a total area of 455,000 square feet, making it a substantial investment in the Houston market. The transaction took place on 01/07/2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 580 Westlake Park Boulevard
- Market: Houston
- Seller: PIMCO
- Buyer: Younan Properties - Zaya S. Younan
- Brokers: Dan Miller & Martin T. Hogan - JLL Capital Markets
PIMCO acted as the seller in this transaction, while Younan Properties, represented by Zaya S. Younan, emerged as the buyer. The deal was facilitated by Dan Miller and Martin T. Hogan from JLL Capital Markets, who served as the brokers for this 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