CBRE Arranges Sale of Westchase Park Plaza
31 Jan 2018
CBRE Capital Markets' Institutional Properties announces the sale of Westchase Park Plaza, a recently renovated Class A office tower in Houston’s coveted Westchase District. The property includes a 10-story office tower with 232,108 square feet and garage parking at an overall ratio of 3.3 per 1,000 square feet.
Hertz Investment Group purchased the asset from Parmenter Realty Partners for an undisclosed price. CBRE’s Jared Chua, John Alvarado, Evan Stone, Gary Carr, Eric Mackey, and Robert Hill arranged the transaction on behalf of the seller.
“Given its asset quality, upside potential and highly sought-after Westchase location, Westchase Park Plaza attracted significant interest from a wide range of investors,” said Jared Chua, First Vice President at CBRE. “Westchase Park Plaza presents a compelling value proposition and is well positioned to compete for tenants in the market as Houston continues to rebound.”
Westchase Park Plaza is 61 percent leased to a diverse base of credit-worthy tenants and offers tremendous upside through the lease-up of existing vacancy. Recent capital improvements totaling nearly $6 million include upgraded building systems, updated corridors and restrooms, and a fully renovated lobby.
Located just two miles from the convergence of Beltway 8 and the Westpark Tollway, Westchase Park Plaza is just minutes from the Galleria, CityCentre and Sugar Land. It is ideally positioned at the heart of Houston’s vibrant west side with convenience to popular restaurants lining Westheimer Road and upscale country clubs.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.