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.
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.