Bill Goeke, senior vice president and director of PM Realty's Central Division, tells GlobeSt.com that Lennar purchased the property out of foreclosure and plans to hold it for two to three years until it's stabilized. According to Goeke, PM Realty worked with Lennar on other foreclosure purchases in Texas and Colorado during the early and mid-1990s.

The North Loop Office Park is located at 2000-2060 N. Loop West along Loop 610 near Texas 290. Goeke says the building has incurred $2.5 million to $3 million in flood damage from Tropical Storm Allison. PM Realty's Steve Wise will oversee the construction management on the repairs. Goeke estimates that the repairs will be wrapped up in 30 days and open the door for tenants to move back into the seven buildings. At that point, the PM Realty team will aggressively start marketing the complex for lease-up, says Goeke, who will be supervising the firm's leasing and property management team. Mike Hackett, vice president and director of leasing and Susan Morris, leasing manager, are assuming leasing duties. Mike Nelson, vice president of operations, Rhonda Huff, assistant vice president of operations, and Kari Bean, senior property manager, comprise the park's property management team. Goeke says the assignment is an affirmation of PM Realty's approach to leasing and property management in the Houston market.

Lennar Partners is a subsidiary of Miami-based LNR Property Corp., a national leader in the development, management and financing of commercial real estate assets. LNR Property Corp. has offices in Miami, Irvine, Atlanta, Portland, San Diego, the San Francisco Bay Area, Salt Lake City and Tokyo. In all, the company's assets total $1.8 billion, with current real estate projects comprising more than six-million sf of office, industrial-warehouse and retail space. The portfolio also contains 1,300 hotel rooms and 12,600 apartment units in the US.