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NASSAU BAY, TX-In 2008, Boxer Property sold its 120,733-square-foot 1322 Space Park Dr. to a tenant interesting in owning the 1970s office building. Four years later, the Houston commercial real estate company owns it once again, having acquired it from LNR Property LLC through Auction.com.
Boxer Property has also acquired from LNR (and through Auction.com) the 128,471-square-foot, two-building Monaco Park at 6795-6825 E. Tennessee Ave. in Denver. “A number of special servicers are going the auction route to sell a lot of their assets,” explains Boxer’s acquisitions manager Andre Pereira. “It’s something buyers are having to look at, as the auctions are clearing houses for some of the distressed assets that servicers are having to sell.”
Boxer was self represented in both transactions. In the Nassau Bay transaction, Rudy Hubbard and Kevin McConn with Jones Lang LaSalle represented LNR. In Denver, Transwestern’s Brad Cohen represented the special servicer in the Monaco Park transaction.
Pereira tells GlobeSt.com that Boxer sold the Space Park building a handful of years ago because the tenant offered an attractive sales price. The tenant ended up foreclosing on the asset, however. “It’s come back around to us,” Pereira adds. “We did well with it the first time around, so now we get another chance at it.”
Boxer’s goal is to spruce up the building, which is approximately 45% occupied. “We’ll try to make it a more lively property and maybe reposition it,” Pereira says, adding that Boxer is eyeing some different and interesting options for the building.
As for Monaco Park, Pereira says not a whole lot needs to be done physically to the two office buildings, which are about 75% occupied. “The space there is built out to our liking, so our focus will be in getting the building leased up and stabilized,” Pereira comments.
Boxer’s goal is to have 3 million square feet of property in its portfolio by the end of the year. So far this year the company acquired the 436,340-square-foot Hurt Plaza in Atlanta and Pereira the company is under contract to buy another asset in Dallas, which is scheduled to close in 45 days. “This is definitely one people will notice,” he adds.
For more on auctions, check out GlobeSt.com Thought Leader Auction.com’s page
Distressed Asset Investments,
Amy Wolff Sorter brings close to 30 years of reporting and editorial experience to her role as southwest editor for GlobeSt.com; with more than 10 of those years spent reporting on business and real estate trends. In addition to her duties with ALM, Amy is a copyeditor and writer with Texas Jewish Post.
ûContact Amy Wolff Sorter