News
The Fighter
January 3, 2011
| It was a good year for boxing movies and real estate companies with that name. Houston-based Boxer Property recently bought two more buildings, bringing its 2010 purchases to 14 properties totaling 2.9M SF (1.1M of that in Dallas). | |
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| Our Houston reporter snapped the firm’s director of asset management Doug Pack with acquisitions team Andre Pereira andDavid Kayle just before the holidays. The recent buys include a property in Chicago and Park on the Bayou, a 160k SF office building (plus garage) in Houston. 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 and targeting Atlanta, LA, and Chicago. The last buildings acquired in Dallas were Executive Center II and III (totaling381k SF) in May. | |
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| Boxer manages more than 3M SF in DFW including La Gran Plaza(pictured) shopping mall in Fort Worth, which the firm redeveloped. “Since we have a significant operation in Dallas, we expect to be very active again this year in acquiring buildings throughout DFW, as well as taking on third-party management and leasing assignmentsfor owners, lenders, and special servicers,” David adds. | |
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| That's Doug's mug splashed on Boxer’s vans. The firm has 13.5M SF in third-party management nationwide. Houston has the bulk, 88 projects totaling 6M SF. About 5M of that is third party. He predicts the firm could triple its management portfolio this year, partly because it's getting a niche in regional malls. The sector is facing distress, and service often don't know what to do with those assets. Boxer has five of those in its management pipeline nationwide. In December, Boxer added Southwest Center Mall in Dallas. | |
