Two West Houston Trades
Marcus & Millichap’s Gus Lagos and Alex Bouchard closed the sale of two retail properties in West Houston, Kayvon Plaza II and 14130 Westheimer. The duo tells us 15k SF Kayvon Plaza (listed at $3.7M and pictured here) is on Memorial Drive in the heart of the Energy Corridor, which attracted a lot of interest. It’s adjacent to Skanska’s West Memorial Place (Phase 1 is delivering in Q1 ’15) and across from PMRG’s mixed-use redevelopment of Exxon’s former home. Braun Enterprises purchased the property, which is a deviation—the firm typically owns Inner Loop retail product, but Alex says nearby activity gives Kayvon Plaza the same urban feel.
Kayvon Plaza II is 78% occupied; you might know it as the home of Café Benedicte, which has been there since ’05. (If we all eat a few more Tuscan waffles there, our waistlines would bump occupancy to 80%.) A few miles down the road, Gus and Alex also handled the sale of 14130 Westheimer (pictured above). That 14k SF property was listed at $1.3M and was totally vacant when the team first started listing it. But Gus tells us they found a user that brought it to 100% occupancy, and the property is undergoing renovations.