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Canadian Investor Buys Westgate Office Building for $63.4 Million

Nicola Crosby Real Estate Buys 249,000-SF Office in West Houston
August 31, 2018
Canadian investment firm Nicola Crosby Real Estate purchased a four-story office building within the master-planned development Westgate in West Houston for $63.42 million, or about $255 per square foot.

The Vancouver, British Columbia-based firm acquired the property from a joint venture between Transwestern and Miler Global Properties. Nicola Crosby also secured a seven-year, fixed-rate acquisition loan through Principal Real Estate Investors.

Dubbed Westgate I, the 248,707-square-foot office building is one of three buildings within the 660,000-square-foot Westgate, which is a part of Park 10 Business Center, a 550-acre business park. Westgate I is located at 17220 Katy Freeway and was built in 2014.

Westgate I was 95.7 percent leased at the time of the sale, with global corporations Subsea 7 and Atkins PLC occupying 68 percent of the buildings rentable building area. The other two Westgate office buildings are currently fully leased to Wood Group Mustang, Inc.

According to its corporate website, Nicola Crosby's portfolio totals more than $2 billion worth of properties in the U.S. and Canada, with $500 million in assets acquired in the last 12 months.

Dan Miller and Jeff Hollinden of Holliday Fenoglio Fowler brokered the deal on behalf of the seller. Courtney Cole, also of Holliday Fenoglio Fowler, arranged the acquisition financing on behalf of the borrower.

Please see CoStar COMPS #4475022 for more information on this transaction.
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