COMMERCIAL PROPERTY NEWS
By: Eugene Gilligan, Senior Editor
Westmount Realty Capital has acquired an 18-building office/showroom/warehouse portfolio in Houston for $12.4 million. The sale was completed in late December, and was announced today.
The buildings are located three miles west of Bush Intercontinental Airport in North Houston. They encompass approximately 474,145 square feet, and are situated on approximately 30 acres. Tenants in the buildings include Continental Airlines, Securitas Security Systems, Majewski Transportation, Goodman Manufacturing, Multi-Seal Corporation, and Constant Power Manufacturing.
The portfolio includes several separate but adjacent complexes, including Greenbriar Square Plaza (three buildings, 71,101 square feet); Greenbriar I Plaza (three buildings, 96,937 square feet); Greenbriar 8 Plaza (one building, 85,692 square feet) and Hedgecroft Square (eight buildings, 142,941 square feet). The buildings range from grade level, semi-dock to dock-high, and are all rear-loading facilities.
The buildings were acquired in part to capitalize on Houston’s growth prospects, said Clifford A. Booth, president of Westmount Realty Capital. “The rising price of oil should help the oil industry here,” said Booth. He also anticipates stronger job growth in the city.
The industrial sector should also benefit from increased tonnage throughput at the Port of Houston. The port has been increasing its cargo flows in recent years, he said, as shippers look to avoid the crowded conditions at the Port of Los Angeles-Long Beach, the major gateway for Asian imports into the U.S.
Westmount, based in Dallas, is a developer and investor in office, industrial, residential, and retail properties throughout the southwest and southeast. Westmount is the developer of SoCo Urban Loft Condominiums, a downtown residential development. The 203-unit project is a conversion of the Santa Fe Railroad Terminal, which was built around 1920.
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