Houston, Tx – March 26th, 2019
Houston based real estate private equity firm, MarketSpace Capital successfully acquired the Westwood Village Shopping Center located at the South East corner of Bissonnet Street and Southwest Freeway in Houston, TX on March 21st, 2019. MarketSpace Capital consummated this transaction in forty-five days from contract to close.
MarketSpace Capital was represented by Sam Affanhe of Huntington Properties and the seller was represented by Sepi Akhavi of Keller Williams Memorial. Financing for the acquisition and redevelopment was provided by Flagship Capital Partners.
The property totals 42,603 SF on 2.64 acres with 84% occupancy and was constructed in 1975 with partial renovations in 2012. We love this value-add deal because of the stellar location with freeway frontage, stabilized historical cash flow, and upside potential from acquisition at a basis of $90 PSF said David Rodarte, Managing Partner at MarketSpace Capital.
MarketSpace Capital plans to begin renovations immediately including repairs to the roof, upgraded lighting and signage, sidewalk and parking lot repairs, and repainting of the exterior of the property.
About MarketSpace Capital: MarketSpace Capital is a private equity real estate firm that focuses on the ground up developments, value add investments and acquiring a partial interest in commercial real estate assets nationwide. To learn more, visit https://marketspacecapital.com.