A partnership affiliated with Houston real estate investor Khaled Salem of Williamsburg Enterprises and Alan Hassenflu of Houston-based Fidelis Realty Partners Ltd. bought Exxon Mobil Corp.’s former Brookhollow campus for $11 million.
Houston Business Journal has selected this as the deal of the year for 2016.
The 24-acre property is at 4400-4550 Dacoma St. along Highway 290, northwest of the 290 and Loop 610 intersection. The facility includes three office buildings totaling 500,000 square feet, a full-service cafeteria and 60,000 square feet of storage and auxiliary buildings. Fidelis plans to demolish some office buildings and build a 200,000-square-foot retail center, plus an additional development tract for office and residential.
“All of the office buildings are going to come down. They are 1970s, vintage office buildings that were owned and housed by Exxon. They are just old and obsolete,” said Hassenflu, CEO of Fidelis Realty Partners.
Dealmakers: Fidelis Realty Partners, Williamsburg Enterprises, Exxon Mobil Corp., Chicago-based JLL had the listing.
Why it matters: Fidelis purchased the Exxon campus for $11 million, a steal of a deal, as the campus was once expected to nab up to $40 million. The area is near many up-and-coming neighborhoods such as Oak Forest and Garden Oaks.
The re-gentrification and the new home and income growth in the Garden Oaks, Timbergrove, Shepherd Grove, Oak Forest and Heights area “ that area is analogous to what West University and Southside and south Braeswood went through 30 years ago,” said Hassenflu. “That area is such a convenient, well-located inner Loop neighborhood, and its easy to get to downtown and the Texas Medical Center. It’s too convenient and too nice to not have that re-gentrify pretty rapidly.”