HOUSTON-Following a long hiatus, a Canadian company has returned to the Texas market, acquiring a 1.8-million-sf portfolio spanning three cities. Agellan Capital Partners Inc. acquired the industrial properties, the bulk of which are in Greater Houston, from TIAA-CREF.

The Toronto buyer got 1.14 million sf in nine properties in Houston. In Austin, it picked up six buildings with 350,392 sf. And the lone Dallas asset is a fully leased, 343,617-sf office/warehouse. The structures were built between 1967 and 1990. The Houston package is 76% leased; Austin is 78% filled. CB Richard Ellis vice chairman Jack Fraker, executive vice president Randy Baird and senior vice president John Robinson were unavailable for comment on the deal, but they did mastermind the sale for the New York City-based seller.

Dallas-based Stream Realty Partners LP's teams in Houston and Austin have been tapped to manage and lease the properties in their respective cities. "With vacancies in Houston ranging from 1,800 sf to 37,000 sf, we have an ability to serve and offer a lot to a wide market," says Justin Robinson, project manager with Stream Realty's Houston office.

Robinson tells GlobeSt.com that Stream also is working with the new owners to physically improve the properties. A renovation budget has not yet been determined.

Robinson, though, says they hit the ground running. He adds that in Houston, new leases could be disclosed as early as next week. The open space is quoted at 30 cents per sf to 55 cents per sf, triple net.

A spokeswoman with Agellan did tell GlobeSt.com that Texas isn't a specific target for future investments, but the portfolio fit well with its desire for value-add industrial buildings. "We have investors that look for different types of real estate though," she says, "and we're searching all over North America for the appropriate investments." A sale price could not be obtained by press time.

The Houston buildings are located at 2301 Minimax Dr., 232 W. 38th St., 302-350 W 38th St., 9001-9101 Jameel Rd., 6500-6600 Long Point Dr., 5975-6049 S. Loop Freeway East, 1400-1412 E. North Belt Dr., 6300-6320 Rothway St., 2055-2155 Silber Rd. and 6100-6120 West by Northwest Blvd.

Five of the six Austin properties are located in Southpark: 2100 E. St. Elmo Rd., 2150 and 4120 Freidrich Lane and 2130 and 2170 Woodward St. The deal included Braker IV at 2120 Braker Lane. The St. Elmo Road building is empty, with other occupancies ranging from 67% to full.