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Mason Creek 1 First Office Buy for a Multifamily Mainstay

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Nicola Crosby Real Estate purchased Mason Creek 1, its first foray into Texas office product.

Mason Creek 1 First Office Buy for a Multifamily Mainstay

Nicola Crosby (which invests for SPIRE US) has primarily focused its office efforts on the Western US and Canada, with properties in California, Washington and Alberta. It's well-known locally in the multifamily arena, though—it owns 16 apartment complexes in the Houston metro. Mason Creek 1 was developed by Myers Crow & Saviers in 2013 and is fully leased to Geico. HFF's Robert Williamson, Jeff Hollinden, Danny Miller and Rusty Tamlyn repped the seller--Robert tells us the 136k SF property got very strong investor interest because of GEICO's AA credit and 10+ years of lease term. (It's ahead of its hiring plan, Robert says, and has been very pleased with the Katy workforce.) Another appeal: the facility was the first built in Mason Creek Corporate business park in Katy. Mason Creek 2 (127k SF) delivered recently, and Myers Crow & Saviers has plans for a third office building. HFF's Cortney Cole arranged five-year fixed-rate acquisition financing through PrinREI.