Adler Kawa Real Estate Advisors, a joint venture between real estate firm Adler Group and investment firm Kawa Capital Management, announced this week that it had purchased a 200,000 square-foot industrial and office portfolio in Houston. AKREA purchased the properties through Adler Kawa Real Estate Fund II, which has raised about $50 million and is authorized to raise up to $100 million in discretionary capital, according to a Houston Business Journal article. Terms of the deal and pricing on the properties was not disclosed. Rusty Tamlyn and Trent Agnew of HFF represented the seller in the transaction.
The firm acquired the 110,400-square-foot Bammel Business Park and 91,451-square-foot Legacy Park from Boston-based investment firm GID. The properties were collectively 95% leased at the time of sale, with major tenants including Malvern Instruments, the University of Texas Board of Regents, NWN Corporation, Lincoln Electric Company and Flowserve Corporation.
"Both Bammel Business Park and Legacy Park are ideally situated in the popular northwest Houston market, a short drive from Bush International Airport," said Matthew Adler, President and CEO of Adler Kawa Real Estate Advisors. "Given that both assets are in excellent condition, our focus is on maintaining strong occupancy through tenant relations and effective management."
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