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1/21/22
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BH Properties has acquired Mason Creek II, a vacant, three-story office building in the Houston submarket of Katy, TX. The 128k sf building, located at 21700 Merchants Way, represents the second phase of a two-building office development by the seller.
The building was constructed as a single-tenant speculative office building in 2015 as a follow-up to the initial, 136k sf, building, now 100% leased to GEICO insurance. A combination of factors, including Houston’s softening office market and the COVID-19 pandemic, impacted interest from prospective tenants in that size range.
BH Properties acquired the building with the individual floors in cold shell condition but with the building’s lobby, restrooms, and central core completed and furnished. This provides BH Properties with the opportunity to re-introduce the property to the leasing market as a multi-tenant property under new ownership willing to demise the building, according to Scott Henry, BH Properties Managing Director of Acquisitions, who is based in the firm’s Dallas office.
“We are starting to see increasing levels of activity in the market from companies who had previously delayed decisions on their space needs as a result of the pandemic,” said Henry. “With the Katy office market continuing to outperform most of Houston’s office submarkets, we feel very good about this speculative investment. We plan to amenitize the building with a well-designed tenant lounge and conference center to help attract tenants.”
Jeff Hollinden with JLL Capital Markets represented the seller on the transaction. Mason Creek II adds to BH Properties’ growing portfolio, which includes more than 5 msf of office, industrial and retail space throughout Texas. BH has engaged Houston-based Bob Cromwell and Kevin Nolan with Moody Rambin to handle leasing.
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