Boxer Buys In
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|Houston-based Boxer Property entered the Chicago market with its purchase of the 107k SF 75 Executive Dr in Aurora from LNR, bringing its 2010 acquisitions to 14 buildings totaling 2.9M SF. Our Houston reporter Catie Brubaker snapped director of asset management Doug Pack with acquisitions team Andre Pereira and David Kayle. Another recent buy is Park on the Bayou, a 160k SF office building plus garage in Houston. Andre says doing management in-house, like they will with their Aurora property, helps Boxer stabilize its properties more quickly—a large empty building like Park on the Bayou will take 36-48 months to stabilize.|
David says they’re limiting their acquisitions search next year to specific markets with the right price points and ability to stabilize. Texas tops that list, but the pair is also hitting Florida hard and targeting Atlanta, Los Angeles, and Chicago. Although the Boxer boys tell us they’re likely done acquisitions for the year, Doug (yes, that’s his photo splashed on Boxer’s vans) says they’ll add some third-party management gigs before 2011, like the Concourse Plaza they're managing in Skokie, which is stabilized and 90% leased. They have 13.5M SF in nationwide management (Houston has the bulk—88 projects totaling 6M SF), 5M of which is third party.