Prime Property: Braun Enterprises buys two historic downtown buildings
Houston-based Braun Enterprises has made its first downtown Houston acquisitions with the purchase of two historic buildings from Spire Realty Group of Dallas.
CBRE, which marketed the property on behalf of the seller, reported the sale.
The 10-story Great Jones Building at 708 Main near Capitol totals 78,843 square feet. Built in 1908, the building was home to Texas Company (Texaco) and was also formerly known as the Bankers Mortgage Building. It was renovated in 2002 and received other upgrades recently.
The three-story McCrory Building at 1004 Prairie, at Main, contains 29,036 square feet. It was built in 1912 as the Isis Theater, a silent movie theater, and was renovated in 2000. The ground floor is retail with two floors of office space above.
“We plan to stabilize both assets through an aggressive leasing strategy and an extensive capital improvement program,” Dan Braun, principal with Braun Enterprises, said in announcing the deal.
Mike Hassler and Todd Casper with CBRE in Houston arranged the transaction for Spire Realty Group.
Braun Enterprises has acquired 1.4 million square feet of commercial properties since 2010. Its portfolio totals 2 million square feet of office warehouse, retail, and office space primarily in Houston.
Spire Realty Group owns 1177 W. Loop South, an 18-story office building with views of Memorial Park it purchased last year.
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