Transwestern Development Co. Sells 340,000 SF Mason Creek Business Center in West Houston
HOUSTON, Jan. 30, 2017 (GLOBE NEWSWIRE) -- Transwestern Development Co. today announces the sale of Mason Creek Business Center, a four-building industrial property at 21201 – 21501 Park Row Drive in Katy, Texas. The Class A property was owned by a partnership between Transwestern Development Co. and AEW Capital Management L.P., acting on behalf of an institutional investor. An undisclosed buyer acquired the 339,900-square-foot property for an undisclosed amount.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/44546b80-b054-49f5-9405-1d31079b17ce
“With the current strength of the Houston industrial market and the recent leasing momentum at Mason Creek Business Center, this was an ideal time to execute our disposition strategy,” said Pete Johnston, senior vice president at Transwestern Development Co. “The leasing team has done a tremendous job of marketing the property to attract high-quality tenants and make this asset a compelling opportunity for investors.”
Transwestern’s Darryl Noon and Jude Filippone have been retained by the new ownership to continue providing leasing services. Mason Creek Business Center is currently leased to a variety of tenants including Williams-Sonoma and Memorial Hermann.
Located in the West Houston Industrial submarket, Mason Creek Business Center is on the northeast corner of Interstate 10 and Mason Road, approximately a mile east of the Grand Parkway. The park provides easy access to other major thoroughfares, including Highway 6, Westpark Tollway and Sam Houston Tollway. The buildings feature clear heights ranging from 24 to 28 feet, truck court depths from 130 to 190 feet, and cross dock and rear- and front-load layouts.
The ownership entity was represented by Rusty Tamlyn and Trent Agnew of Holliday Fenoglio Fowler L.P.
“Mason Creek Business Center received significant interest from investors due to the high occupancy of the overall Houston industrial market and the property’s location, quality, age and tenancy,” said Tamlyn.
ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Based in Houston, Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 34 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.
ABOUT AEW CAPITAL MANAGEMENT L.P.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $57 billion of property and securities in North America, Europe and Asia (as of September 30, 2016). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in nine European cities. For more information please visit www.aew.com.
ABOUT HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE:HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Media Contact: Stefanie Lewis 713.272.1266 stefanie.lewis@transwestern.com twmediarelations@transwestern.com
