Houston, TX (August 24, 2021) – Buchanan Street Partners, a Newport Beach, CA-based real estate investment management firm, has announced the acquisition of Westport Business Center, a 176,864 SF office/industrial flex business park in Houston, TX. Situated on more than 12 acres, the park is comprised of seven buildings. The property, currently 87% leased, is located at 6611-6975 Portwest Drive inside the I-610 Loop.
Buchanan Street was attracted to Westport’s strong infill location with excellent visibility along both I-10 and I-610. “We are excited to further grow our Houston portfolio of infill flex product in a location that is seeing tremendous growth of both residential and mixed-use development,” said Matt Haugen, Senior Vice President, Buchanan Street Partners. “These buildings provide us with multiple investment strategies due to the product type, location and visibility,” he added.
Mark Oddo, Senior Vice President, Buchanan Street Partners noted, “With competitive inventory continuing to diminish due to developers scraping similar buildings for higher and better uses, we feel there is a great opportunity for our buildings to benefit from tenants being pushed out of their existing locations.”
Buchanan Street’s immediate plans for the project include improving the curb appeal of the business park through creation of a new signage plan, enhancing the landscape, and upgrading the exterior façade to further differentiate the buildings from the competition in the area.
Trent Agnew, Rusty Tamlyn, Charlie Strauss, Lance Young and Jack Britton with JLL represented the seller in the transaction.
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. Having invested in over $7 billion worth of real estate assets in its 20+ year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. BuchananStreet.com