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AKREA Fund Strikes Again, in Houston

HOUSTON-Weeks after closing on the 225,000-square-foot Carmel Executive Park in North Carolina, the Florida fund strikes a deal with GID for the 110,000-square-foot Bammel Business Park and 91,000-square-foot Legacy Park Business Center.

By Amy Wolff Sorter | Updated on August 28, 2013

HOUSTON-Weeks after closing on the 225,000-square-foot Carmel Executive Park in Charlotte, NC, Adler Kawa Real Estate Advisors have struck a local deal with GID for ownership of the 110,400-square-foot Bammel Business Park and the 91,451-square-foot Legacy Park Business Center. The Miami Beach investor acquired the portfolio through its Adler Kawa Real Estate Fund II, the same entity that funded its North Carolina purchase.

The Bammel Business Park buildings at North Sam Houston Parkway W. Bammel-North Houston Road and Legacy Business Park Center at 10910-10920 W. Sam Houston Pkwy. N. were 95% occupied. The remaining lease terms average close to six year, with 16% of the leases scheduled for expiration within the next three years. Tenants include Malvern Instruments, the University of Texas board of regents, NWN Corp., Lincoln Electric Co. and Flowserve Corp.

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