Braun Enterprises Buys Foreclosed Bellaire Office Building
HOUSTON BUSINESS JOURNAL
Braun Enterprises has acquired an office building in Bellaire that was a casualty of the credit crisis associated with commercial mortgage backed securities.
Houston-based Braun bought the 100,000-square-foot facility at 6300 West Loop South on the last day of April for an undisclosed amount.
The property was part of a four-building portfolio that fell into foreclosure in January and reverted to a special servicer for disposition. The other three buildings were in Dallas.
Overland Park, Kan.-based Midland Loan Services Inc. sold the West Loop building for the many bondholders who owned a piece of the portfolio. Russell Ingrum and Todd Casper of CB Richard Ellis Inc. represented the seller in the transaction.
The building is 75 percent leased to tenants that have an average of 1,800 square feet of space. The new owner plans to make significant upgrades to the property over the next year.
Braun Enterprises also owns office buildings at 5909 and 5959 West Loop South that were acquired in September 2008.
Dan Braun of Braun Enterprises said he intends to acquire additional distressed assets in the Houston area before the end of the year.
Houston-based Braun Enterprises operates and manages approximately 1.2 million square feet of multi-tenant office buildings, warehouses and retail centers.
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