Foreign Investment Undeterred in Houston
- Jun 16, 2015
Foreign investors seem undeterred by the oil slump in Houston, seeing as Vancouver, BC-based Nicola Crosby Real Estate recently acquired Mason Creek I, a two-story, fully leased, 135,716-square-foot office building in Katy, Texas.
The office asset was acquired from a Boston-based institutional real estate advisor for an undisclosed amount. HFF marketed the asset on behalf of the seller and also secured a five-year, fixed-rate acquisition loan for the Canadian firm.
Mason Creek I is located at 21420 Merchants Way within Mason Creek Corporate, a 110-acre, master-planned business park. The building was developed by Myers Crow & Saviers Ltd. in 2013 and serves as GEICO’s new regional claims processing center.
Mason Creek I was the first office building within the business park, and it seems that Myers Crow & Saviers will be the one to bring Mason Creek Corporate to build out, as the park has been slowly running out of space. The firm recently completed Mason Creek II, a three-story, 127,000-square-foot office building, and announced plans for a third office project.
Image courtesy of Parkside Capital