February 8, 2019
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Local investor Braun Enterprises has acquired a mixed-use office/retail complex in Houston’s Galleria/Uptown District. The 195,853 square foot property, situated on 4.25 acres at 5353 and 5373 West Alabama, is often known as Yorktown Plaza.
Consisting of two, six-story office buildings, a single-story retail building and a two-story parking garage, it is currently 54% occupied.
A team from HFF’s local office—Davis Adams, Wally Reid, and Kelly Layne—represented the seller, WEDGE Properties Management Corporation, and procured the buyer. Financial terms of the deal were not disclosed, but the complex was valued at $17.5 million in 2018, according to the Harris County Appraisal District.
Braun Enterprises plans to extensively renovate the interior and exterior of the office buildings along with a complete redevelopment of the 35,000 square foot retail space. Known for investing in inner-city retail and office projects, the company has purchased and redeveloped approximately 3.5 million square feet of commercial real estate projects.
For questions, comments or concerns, please contact Jennifer Duell Popovec