Saturday , 24 September 2016
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Canadian Firm Buys GEICO Building Near Houston’s Energy Corridor

Mason Creek IHOUSTON – Nicola Crosby Real Estate, a Canadian investor, purchased Mason Creek I, a two-story 135,716-square-foot office building in west Houston near the Energy Corridor and the suburb of Katy. The building, which fetched a $39 million sales price,  is fully leased by GEICO.

Holliday Fenoglio Fowler marketed the property on behalf of the seller, a Boston-based institutional real estate advisor. HFF also worked on behalf of the buyer to secure the five-year, fixed-rate acquisition loan through Principal Real Estate Investors.

Developed by Myers Crow & Saviers, Ltd., in 2013, Mason Creek I was the first office building to be developed within the 110-acre Mason Creek Corporate business park in Katy, about 30 miles west of Houston’s central business district.

The property is situated on a 10.8-acre site at 21420 Merchants Way and is fully leased on a net basis to GEICO, who selected Katy over other Texas cities and other areas in Houston as the location for its new regional claims processing center. Mason Creek Corporate business park fronts Interstate 10 and is one exit from Texas 99 (The Grand Parkway), Houston’s new outer beltway providing access to numerous large master-planned residential areas.

The HFF investment sales team representing the seller was led by senior managing directors Robert Williamson, Jeff Hollinden, Dan Miller and Rusty Tamlyn. HFF’s debt placement team led by director Cortney Cole represented the buyer/borrower.

Myers Crow & Saviers just completed the development of Mason Creek II, a three-story, 127,000-square-foot office building and has plans for a third office building that will largely build-out the park.

Nicola Crosby Real Estate, a subsidiary of Nicola Wealth Management, sources properties for the SPIRE Real Estate portfolios.  SPIRE US LP is an investment portfolio comprised of office, retail and industrial properties located in Seattle, and office properties in San Francisco, Denver and now Houston.  The portfolio also includes interests in over 12,000 multi-family apartment units located in Houston and other cities in the southern United States.

 

 

 

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