Miami's Adler & Kawa Pick Up Houston Portfolio

A joint venture between Adler Real Estate Fund and Kawa Capital Management has acquired a 16 building portfolio covering 467,000 square feet of space in Houston, TX . The Miami companies purchased the properties from a joint venture between Insite Commercial Real Estate and CarVal. HFF represented the seller in the transaction according to a Houston Business Journal article.

The portfolio includes:

Plaza Southwest: 7302, 7350 Harwin Drive, 5601, 5750 Bintliff Drive, 5755 Bonhomme Road
Crescent Ten: 1304 Langham Creek Drive
Commerce Park North: 15621/15631 Blue Ash Drive
Technipark Ten: 16115/16155 Park Row
Westchase Park: 3120/3130 Rogerdale Road

Terms of the deal were not disclosed, but the properties were reportedly 96% leased at the time of sale with major tenants including Exxon Mobil, Samsung, Ryder, Schlumberger and Alford Services.

"Adler Fund's newly-acquired portfolio in Houston is a unique investment opportunity in one of the fastest growing markets in the country, offering a combination of prime locations, quality tenants and high occupancy rates," Matthew L. Adler, Adler Group's President, said of the purchase. "We will continue to identify viable investment targets in and around the Houston area as we set our sights on growing U.S. markets."

For more news and information visit Blumberg Capital Partners.

13 Building Westchase Corporate Park Sold in Houston

PS Business Parks, Inc., a self-advised and self-managed equity REIT, sold Westchase Corporate Park in Houston, Texas for $9.8 million to a joint venture according to a Houston Business Journal article. The JV, AF Westchase LLC, is led by Adler Real Estate Fund and TriGate Capital. Adler Real Estate Fund is a discretionary fund managed by Adler Group, a Florida-based commercial real estate firm, and TriGate Capital is a national real estate private equity firm based in Dallas. PS Business Parks was represented by the Houston and Dallas offices of CB Richard Ellis in the transaction while the AF Westchase was represented by Matthew L. Adler, Chief Investment Officer of Adler Group and Jeffrey Yarckin, Managing Member of TriGate Capital.

Westchase Corporate Park, located at 11201 Richmond Ave. in the Westchase District, is a 176,977 square-foot business complex comprised of small bay offices and flex buildings. The district is home to the global headquarters for Honeywell and Western Geophysical, and other high-profile tenants including Men's Warehouse, MI Swaco, BMC Software, American Express, GE Capital and JP Morgan Chase.

For more news and information visit Blumberg Capital Partners.