Skanska Sells 3009 Post Oak for $112M; MIG Grabs 240-Unit Woodlands M-F Community

By Amalia Otet, Associate Editor

Skanska USA, one of the leading development and construction companies in the country, announced plans to sell its recently completed office tower in Houston. The buyer, Post Oak Building L.L.C., agreed to pay $112 million for the property. The transaction will be recorded and settled in the third quarter of 2013, as per company statements.

3009 Post Oak Bovd. is a 302,000-square-foot, 20-story, Class A office building strategically located on Post Oak Boulevard, at the intersection of Hidalgo and 610 West Loop in the Uptown/Galleria submarket.

The tower has been pre-certified LEED Platinum and offers premier amenities, including a conference facility, food service, 24/7 security, card-key access, a reception desk with an electronic directory, as well as exclusive design features.

The green enhancements include a highly efficient glass façade; energy recovery wheel and occupancy monitoring systems that focus on maximizing energy efficiency and operational savings; a sophisticated lighting control system for the office and garage areas; and a rainwater collection system used for landscape irrigation.

Meanwhile, in multi-family news, Newport Beach, Calif.-based MIG Real Estate has completed the acquisition of Pine Creek Ranch, a 240-unit apartment community in The Woodlands.

Located at 3600 College Park Drive, the 12-acre property features one-, two- and three-bedroom units. The apartment homes have fully equipped kitchens, full-size washers and dryers, private patios, balconies or sunrooms, as well as oversize closets and bedrooms. Community amenities include a Wi-Fi equipped clubhouse, swimming pool with beach entry, air conditioned basketball half-court, fitness center, barbecue area, billiards room, theater and business center.

Pine Creek Ranch sits within walking distance of various neighborhood retail outlets, including Starbucks and Chase Bank, and less than five miles from Cynthia Woods Mitchell Pavilion, the upscale Market Street and regional retail centers such as Pinecroft Center and The Woodlands Mall.

MIG selected Greystar, a national operator with a significant presence in the Houston market, to handle property management for Pine Creek.

This acquisition marks the company’s third investment in Texas multifamily properties, following its investment in The Cottages in Austin in 2012 and Wynhaven at Willowbrook in Houston in 2012.

Rendering of 3009 Post Oak Blvd. via official website