Faison bought the class A structure from joint venture partners, Dallas-based Champion Partners and Houston-headquartered JA Billip Co. Jeff Knowles, director in Houston for Holliday Fenoglio Fowler LP, tells GlobeSt.com that he negotiated an early release for a non-pre-payable loan and worked out replacement financing with the Columbus, OH-based Nationwide for a five-year term with 25-year amortization. The new loan has a 4.61% fixed-interest rate and a sub-70% loan-to-value ratio.

Knowles says Faison plans to hold the building for the long term, but elected for a short term on the Nationwide package to keep options open for refinancing or a future sale. He says the two-story building at 4700 W. Sam Houston Parkway, midway between US Highway 290 and Interstate 10, has been 100% leased for some time to four tenants: Stewart Title, Nextel, Ryland Homes and P&O Nedloyd.

Westway Office Park's developer, the Wolfe Cos. of Houston, envisioned the 150 acres would end up a technology corridor for the west side of town, which is built out mostly with industrial product. Knowles says the development's success shows the park is "a viable location for an office building."