HFF closes sale of and arranges acquisition financing for 100% leased office building in growing west Houston suburb

  

Mason Creek I, 21420 Merchants Way, Katy, TX

Robert Williamson

HOUSTON, TX, June 11, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Mason Creek I, a two-story, LEED-certified, 135,716-square-foot office building in the west Houston suburb of Katy, Texas.

HFF marketed the property on behalf of the seller, a Boston-based institutional real estate advisor. Nicola Crosby Real Estate, a Canadian investor, purchased the asset for an undisclosed amount.  

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.

Jeffrey Hollinden

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.  

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.

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.

“Mason Creek has benefited from the tremendous growth in the Katy area, not only in terms of population but office, retail, residential and commercial development as well,” said Williamson.  “Large national tenants such as GEICO are drawn to the area due to its unrivaled access to a highly educated labor pool and attractive residential communities with award winning school systems.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com