One O'Connor Plaza property purchased

 

One O'Connor Plaza is under new ownership.

Kemp Properties, an Austin-based real estate firm, purchased the 167,000-square-foot building for an undisclosed amount, the company announced Thursday.

The property, at 101 W. Goodwin Ave., was built in 1984, according to a Kemp Properties news release.

The building was on the market for slightly more than a year and two of the real estate firm's partners, Bill Ball and Dick Kemp, had admired it for a while, said Casey Beasley, another company partner.

Indicators such as the University of Houston-Victoria's upcoming changes and other growth indicates a strong future for the city, Beasley said, and Kemp Properties decided it was a good time to go through with the deal.

"We like that asset and we like that city," he said.

It's easy to get swept up in what the national media is saying and think the same applies to Victoria, said Dennis Patillo, president of Stewart Title of the Coastal Bend, the company that closed the purchase.

A sale of this magnitude, however, indicates the local economy is holding out stronger than many other areas.

"This is huge," he said, calling it one of the "most significant transactions in Victoria County's recent years."

The Victoria Central Appraisal District Web site listed 20 owners for the 12-story building. Its appraised value is $10,811,360. Its principal owner, Westvic Plaza LP, maintains an appraised value of $9,446,330, according to the site.

About 1,500-square-feet of space is available inside the building, which remains 99 percent occupied, Beasley said. The company has a few upcoming cosmetic changes planned, he said, but nothing extreme.

The purchase is the first of other purchases Kemp Properties plans to make in Victoria, Beasley said.

The company looks forward to becoming part of the community, Kemp said in the news release.

"We look forward to doing business in Victoria for many years to come," he said in the release.

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