ML Realty Partners of West Dundee outbid nine others for the seven-story building at 13401 North Freeway in the Greenspoint submarket. Seller Acacia Properties Associates of New York City has owned the building since 1998. ExxonMobil ordered a top-to-bottom renovation when it moved in two years ago, taking over from Compaq, John Dailey, senior vice president with Houston's PM Realty Group, tells GlobeSt.com.

Dailey, who represented the seller, says that having a tenant like ExxonMobil at the beginning of a lease created the perfect timing for his client to sell the asset. Plus, he adds, the building had fulfilled Acacia's investment expectations.

Dailey said the 20-year-old building was marketed at nearly $14.9 million. No one's saying what the property brought at closing, but the buyer did secure an $8.2-millionloan for the acquisition. Brant C. Smith, a Houston director for Dallas-based Holliday Fenoglio Fowler LP, arranged the seven-year, fixed rate loan through MONEY Life Insurance Co.

Smith says the loan closed in just 30 days due to a "focused effort" by the buyer and lender. A well-capitalized borrower and the creditworthy tenant, even though the lease is somewhat short term, helped speed the financing, he said.

ML Realty Partners is an offshoot of ML Capital Ventures LLC. The firm focuses on the acquisition and development of industrial and office properties in the Midwest and Southwestern US.

It's the fourth acquisition in 18 months in Houston, said Michael W. Luecht, ML Realty Partners president. The investment group also owns a 71,736-sf building at 5500 Northwest Central Dr., which is used for BJ Services' world headquarters; a 66,338-sf office building at 5301 Hollister; and a 65,547-sf office building at 7676 Woodway Dr. The purchases were part of a plan to acquire more than $22 million of suburban Houston office properties, Luecht told GlobeSt.com in October 2001.

PM Realty Group has managed the property since April 2002. With the ownership change, Caldwell Watson Realty Group of Houston is taking over the property contract.