A joint venture today announced it acquired a 424,393-square-foot mixed-use property known as Four Corners in Houston, Texas.
Pacific Coast Capital Partners LLC and Chase Merritt paid an undisclosed amount for the multibuilding class A complex, which comprises 395,473 square feet in two office buildings and 28,920 square feet in two retail buildings, along with two parking structures.
Built in 1976, the 11-story, 217,005-square-foot office building known as Telecheck Plaza was 81.3 percent leased at closing by tenants including Telecheck Services, Southwestern Bell Telephone and Bechtel. Completed in 1969, the 10-story, 178,468-square-foot office building known as 5333 Westheimer was 89.7 percent leased to tenants including Petroleum Info. Corp., ePartners Inc. and SAS Institute.
Capital improvements planned by the buyers include upgrading the exterior entrances of the office properties; installing new building operating and mechanical systems; parking garage upgrades; elevator modernizations; enhanced landscaping; new signage program; restrooms renovations; and creation of a new parking system. Significant upgrades to both building lobbies are also planned, and the retail properties will undergo improvements consisting of exterior painting, new signage and hardscape enhancements.
Beverly Hills, Calif.-based Cannon Commercial sold the complex, which is Pacific Coast/Chase Merritt’s second recent Houston acquisition. In November 2007, the partnership acquired West Loop I and II, two class A office buildings totaling 313,873-square-feet, located in Houston’s Bellaire submarket.
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