posted on January 13, 2011 22:48
A joint venture between Crocker Partners and Five Mile Capital Partners LLC has acquired the Lakes on Post Oak office complex in the Galleria area.
Crocker’s predecessor entity, CRT Properties Inc., previously owned the 1.2 million-square foot complex, which is 89-percent leased.
The acquisition marks Boca Raton, Fla.-based Crocker’s return to the Class A property, and its return to the Houston market. The transaction is the first Houston deal for Five Mile, a privately-held investment and asset management company based in Stamford, Conn.
Terms of the deal were not disclosed.
Lakes on Post Oak consists of three facilities:
• 440,000-square-foot building at 3000 Post Oak Blvd.
• 421,000-square-foot building at 3040 Post Oak Blvd.
• 334,000-square-foot building at 3050 Post Oak Blvd.
1/6/11, Jennifer Dawson, Houston Business Journal