HOUSTON-Local investor John Cole of 2020 Properties has bought 225,859 sf of class B and C office space in the Clear Lake submarket from KBS Realty Advisors. The new owner will take over leasing and management of the two-property, six-building portfolio.

H. Dan Miller, senior managing director with Holliday Fenoglio Fowler LP’s Houston office, tells GlobeSt.com that Cole had his eye on the 64,000-sf Armand Plaza Office Center and 161,859-sf Camino I and II for some time. “John’s invested in Clear Lake office properties for awhile and had actually attempted to buy these before,” says Miller, who partnered with Martin Hogan, HFF associate director, on behalf of the Newport Beach, CA-based seller. “When they became available, he jumped on them and tied them up.”

The sales price wasn’t available, but area sources explain that similar office assets have been trading for $70 per sf to $80 per sf. Sitting on nearly 10 acres, the 76,424-sf Camino I at 17629 El Camino Real Blvd. is 96% occupied while its neighbor, the 76,113-sf Camino II at 17625 El Camino Real Blvd. is 86% leased. Armand Plaza Office Center, about a mile away on a six-acre tract at 16441 Space Center Blvd., is 100% occupied. HFF managing director Susan Hill arranged for financing.

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