Mission Companies Accrues 12-acre Redevelopment Opportunity in Energy Corridor
The Mission Cos purchased Ashford Place II and III. Combined with two adjacent properties it already owned, the firm now has a 12-acre block in the Energy Corridor. JLL VP Kevin McConn, managing director Rudy Hubbard and associate Rick Goings repped seller Insite Realty and say the combined acreage makes Mission’s holdings one of the best redevelopment parcels in West Houston. But the firm is prepared to hold off on that opportunity; it immediately arranged to backfill more than 20k SF of upcoming vacancy, which will stabilize the Class-B properties long-term.
The two buildings total 144k SF and were built in the late ‘70s. In ’08, they underwent $3.2B of capital improvements. Dropping oil prices challenged the sale, but Kevin says the transaction stayed together because the buyer, seller, and several debt and equity groups were eager to participate.