Two High-Barrier-to-Entry Buys in 30 Days
The holidays aren’t slowing down OrangeStone Capital; it purchased two properties in high barrier-to-entry submarkets in the last 30 days, partner Hussain Nathoo tells us. Both properties—9099 Westheimer and 2020 McKinney—are within blocks of multifamily developments under construction, and Hussain says future redevelopment is definitely in OrangeStone’s long-term strategy for both. (They’ll operate the assets as-is for now.) Pictured: Hussain and his wife Nicole doing a Bollywood pose at a recent wedding in Seattle.
Trulan Property Advisors’ Jason Middlebrook repped OrangeStone in both deals. 9099 Westheimer is a 33k SF shopping center sitting pretty between the Galleria and Westchase. It was built in ’06 and is anchored by Boyert Shooting Center. Lennar’s Crest at Fondren Apartments is being built nearby. JLL’s George Cushing repped the seller. 2020 McKinney is an 11k SF office building leased to the City of Houston Parking Management. It sits across the freeway from the GRB, and is right by JLB EaDo, which broke ground in August. The seller was repped by Personette Group’s Laurie Personette-Null. Next up for OrangeStone: It’s got a hotel development breaking ground in Houston in a few months.
