January 15, 2020 – JLL Capital Markets and Griffin Partners Inc. announce today that they have closed the sale of Concourse at Westway, a Class B, 130,223-square-foot, value-add office building in West Belt submarket of Houston, Texas.
JLL marketed the property on behalf of the seller, EverWest. Houston-based Griffin Partners purchased the asset and will self-manage the building.
Completed in 1999, Concourse at Westway consists of a two-story, 56%-leased office building with efficient floorplates and a five-per-1,000 parking ratio. The value-add property is positioned on 11 acres at 4700 West Sam Houston Parkway North in Houston’s West Belt Corridor and, more specifically, Westway Park, a top-performing Houston micro market. Concourse at Westway has direct frontage and visibility to the more than 205,000 vehicles per day that travel on Beltway 8. Additionally, the property’s location provides regional accessibility via connectivity to State Highway 249, U.S. Highway 290 and Interstate 10. The location links the building to northwest Houston’s newest and most highly regarded residential communities and employment centers.
“Griffin Partners Fund III is excited to add this asset to our growing portfolio,” said Andrew Montgomery, Griffin Partners Executive Vice President, Acquisitions. “This investment represents another value-add acquisition, our 13th acquisition within Fund III, comprising office and industrial assets now totaling over 2.4 million square feet across six markets throughout Texas, Colorado, Utah and North Carolina. The current occupancy, location along Beltway 8, and well-maintained, multi-tenant, high-parked asset is well positioned for our team to restablize in the near term and provide existing and new tenants to the project an excellent place to do business in what is, arguably, the new center of Houston’s growing workforce.”
The JLL Capital Markets team representing the seller was led by Managing Director Trent Agnew and Senior Directors Kevin McConn and Marty Hogan.
Griffin Partners Executive Vice Presidents Janie Snider and Lee Moreland will direct asset and property management for the property’s tenants. JLL Vice President Jack Russo and Executive Vice President Chrissy Wilson have been retained to lease the property.
Griffin Partners invests in value-add opportunities in 10 target markets throughout the country; they believe this offers the best risk-adjusted returns, and Concourse at Westway demonstrates a perfect opportunity to execute their best practices and competencies for investors. Griffin will quickly implement a hands-on strategic marketing effort to release existing vacancies and upgrade the buildings common areas to improve the tenant experience.