Jones Lang LaSalle ("JLL") has been retained on an exclusive basis on behalf of a Texas-based bank to arrange the sale of a $19.8mm loan (the "Loan" or "Note") secured by the first-lien mortgage on the fee simple interest in an 167,013 sf office property in Houston, Texas (the "Property" or "Collateral"). The Loan is currently performing under forbearance which includes twelve (12) months of interest-only payments commencing in August 2021.
The Collateral is comprised of a nine-story office property within the Westchase Office Submarket in Houston, Texas. The Property was built on a 4.06-acre site in 1983 and renovated most recently in 2018. As of September 30, 2021, the property was 51% occupied. Embedded in west Houston, the property benefits from direct access to Sam Houston Tollway and Westpark Tollway.
Indicative Bid Date: November 11
Best & Final Bid Date: December 2
Anticipated Closing: Week of December 6th
Newly Renovated - Property was most recently renovated in 2018 to provide high-end common area finishes and exceptional amenities including an on-site deli and training/conference room.
Stable In-Place Tenancy - In-place tenants provide a 4.75 year WALT.
Strong Location - The Property is situated less than one mile from a primary retail corridor and benefits from immediate access to SamHouston Tollway and Westpark Tollway.
Value-Add Opportunity - With a current occupancy of 51%, investors are provided the opportunity for potential ownership of an asset with a significant value-add component.