Braun Buys Three
Braun Enterprises purchased three properties recently: Bay Terrace I and II (flex/office), 3507 S Shepherd (retail), and 2405 Jackson (mini storage). Prez Dan Braun tells us the Bay Terrace acquisition was particularly interesting: It's a 200k SF flex/office property in the Clear Lake area, which carries a stigma. (Many investors are nervous about NASA these days, and not because of the satellites that can see you making breakfast.) That kept competition away and drove down pricing, and he's a believer in the area's long-term viability. Occupancy is already up: Braun locked in a 16k SF tenant while under contract on the buildings. (It's 69% occupied now.)
Here's Bay Terrace I. Dan tells us he'll buy any property type, but he's particularly interested in Inner Loop retail. Besides 3507 S Shepherd, he has LOIs in for a land tract he could develop into retail and two small redevelopment opportunities. Braun Enterprises also sold six properties recently; Dan says all were bought broken and stabilized before selling. Although Braun often holds assets long-term, he says now is a great time to sell.