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Transwestern Investment Management Acquires Houston Office Building For Core Strategy
By: PR Newswire
Jan. 14, 2013 12:36 PM
HOUSTON, Jan. 14, 2013 /PRNewswire/ -- Transwestern Investment Management (TIM) today announced it has acquired the Reserve at Westchase. The project, a 194,191-square-foot, Class A office building in Houston's Westchase District, was acquired with equity partner, State Farm Life Insurance Company. The property was purchased from ACRON Group for an undisclosed amount.
The acquisition was executed by Transwestern Investment Management under the direction of Collin Comer, managing director and Jonathan Napper, vice president. Napper provided the following, "This acquisition provided the opportunity to acquire a true Class A asset in one of Houston's strongest submarkets. Through this investment, our client will achieve strong returns with the potential for significant upside in the future."
The Reserve at Westchase was 100 percent leased at the time of sale. It is located on Briarpark Drive between Westheimer Road and Richmond Avenue, east of Beltway 8, in one of Houston's fastest growing submarkets.
The purchase included the assumption of an existing loan which often can take as long as five to six months. "TIM and its client were extraordinary in obtaining, organizing and processing the loan servicer's required due diligence," said Bernard Branca, senior vice president with CBRE, who represented the seller. "As such they were able to obtain approval from the loan servicer after 44 days of making loan assumption application, which allowed us to close before the end of the year."
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SOURCE Transwestern Investment Management
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