Yesterday, OrangeStone Capital closed on 8989 Westheimer. Go say your goodbyes to the building; partner Hussain Nathoo tells us it plans to redevelop it within the year.
Hussain tells us all sorts of uses would work on the three-acre site, and his team hasn't decided what it wants to put there. It'll be deciding quickly, since it aims to begin redevelopment by the end of 2016. The acquisition was a bit challenging, Hussain tells us, because OrangeStone was dealing with a bankrupt entity that had timing constraints. The team was able to close within 60 days with debt provided by Benchmark Bank's Jason Beene. The deal is sort of history repeating itself—OrangeStone closed two Houston office acquisitions in November and December last year, including the adjacent 9099 Westheimer.
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