Realty.com Buys 1 MSF Texas Portfolio

The online brokerage platform’s foray into office investment includes plans to upgrade the eight properties in Dallas and Houston.
One West Hills

Realty.com has acquired 1 million square feet of office space in Texas from Oxley Leasing. The deal included 114,711 square feet in Dallas and 919,703 square feet in the Houston market, according to Yardi Matrix. The buyer had revealed the purchase of the largest component—Houston’s 376,277-square-foot 363 North Belt—in late August.

The new owner plans to invest in capital improvements at each of the assets. Proposed renovations include updates to common areas and the addition of amenities such as on-site restaurants, fitness centers and arcades. The firm will launch its VIP Office Space program at the properties, with individual coworking suites available for lease.

8323 Southwest Freeway

In addition to 363 North Belt, Realty.com’s Houston acquisitions include The Center, a three-building campus totaling 377,126 square feet at 8303, 8313 and 8323 Southwest Freeway in the Westwood neighborhood. Completed in 1979, the assets are less than 12 miles southwest of downtown Houston alongside Interstate 69.

The firm’s Dallas purchases include two low-rise buildings encompassing 114,711 square feet next to Dallas Executive Airport, 9 miles south of downtown. One West Hills was built in 1984 at 5787 S. Hampton Road, and the 51,316-square-foot Two West Hills was completed in 1977. Oxley had purchased both properties for $3.3 million in mid-2014 from Ivy Realty, Yardi Matrix shows.