Axiom Capital Management has acquired the 60,000-square-foot 13111 Westheimer in Houston from a California-based investment company that had owned the property for the past 17 years. The new owner financed the acquisition through a $2.5 million, three-year bridge loan from Flagship Capital Partners, per Yardi Matrix data.
Situated at 13111 Westheimer Road, the four-story building was completed in 1984 on a 1.8-acre site. The asset is adjacent to both residential properties and dinning and retail options, while downtown Houston is less than 20 miles away. The tenant roster includes a mix of financial and health-care businesses, with the main tenant being Comerica Bank.
President Bill McGrath and CEO Peter Wall from LandPark Advisors represented Axiom Capital Management in the transaction. Additionally, the company will handle both property management and leasing at the asset. The new owner intends to upgrade the entire property.
Less than 38 miles of the property, another asset traded recently. A partnership between Patrinely Group, USAA Real Estate and CDC Houston sold the 378,402-square-foot HP Plaza in Spring, Texas.