Deal of the Week: Braun's Portfolio is Growing
Braun Enterprises completed its fifth purchase so far this year with The Shoppes at Fry Road along U.S. 290.
The two-building project with 40,000 square feet is 80 percent leased to a mix of tenants including Mattress Giant, Texas State Optical, Shipley Do-Nuts and others. The property was built in 2008.
"Our model is to buy multitenant projects with minimal exposure to one tenant," Dan Braun said.
Ryan West of CB Richard Ellis represented the seller, Corinthian Fry Road Investments. Braun represented a partnership of his firm, Fry Road 290 Realty, in the transaction.
Houston-based Braun Enterprises has maintained a steady portfolio of about 1 million square feet from 2002 through 2009 but has stepped up the pace of acquisitions recently. Its holdings, mostly in the Houston area, now total almost 1.5 million square feet under management.
Other purchases this year include: Citibank Plaza, a 50,000-square-foot office building in Bryan; 6300 West Loop South, a 100,000-square-foot office building; 4000 Telephone Road, a 102,500-square-foot industrial park; and a six-building office park with 154,000 square feet in Austin. A deal is in the works to acquire a small retail/office building at 933 Studewood in the Heights area.
"We expect to do even more deals next year," Braun said.
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