Deal of the Week: Braun Buys 2 Office Buildings
A partnership led by Braun Enterprises has picked up a pair of office buildings at 5909 and 5959 West Loop South near Fournace Street in Bellaire. The purchase was made by 5909/5959 Realty Ltd. for an undisclosed price. The buildings consist of 152,000 square feet and are 96% leased, with an average tenant size of 1,100 square feet.
“Our concept is to buy multitenant projects with little exposure to one tenant,” said Dan Braun, president of Houston-based Braun Enterprises.
Rob Chandler and Jeff Barbles of NAI Houston represented the seller, The Matrix Group. Dan Braun represented his firm. The deal came about after a different contract fell through as changes in the capital markets made it more difficult to secure financing. Braun Enterprises worked for several months to push a deal through.
The buyer assumed a loan that has a high prepayment penalty and three years left on its term and brought 45% equity to the table, Braun said.
Braun Enterprises operates and manages about 1 million square feet of multitenant office buildings, office warehouses and retail centers with more than 500 tenants.
The average tenant occupies about 2,000 square feet.
Read original article here.
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