HOUSTON--On behalf of Insite Realty, JLL's Capital Markets has negotiated the sale of Ashford Place II & III, two class B properties in the Energy Corridor.

Houston-based The Mission Cos. purchased the properties for an undisclosed amount. The company also owns two buildings adjacent to Ashford Place II & III, and the recent purchase raised its total investment in the Energy Corridor to 12 acres.

Managing director Rudy Hubbard, vice president Kevin McConn and associate Rick Goings led the JLL team on the transaction.

“Ashford Place II and III have always maintained a high occupancy rate, even when the properties were foreclosed upon during the 2008 economic downturn,” McConn told GlobeSt.com.

“The combined acreage makes this one of the most superior redevelopment parcels in West Houston and already has an existing long term outlook as a covered land play,” says Hubbard. “Additionally, the buyer has already arranged to backfill more than 20,000 square feet of upcoming vacancy, which will stabilize the property for the long term.”

Ashford Place II is a 58,730-square-foot office building located at 950 Threadneedle. Ashford Place III is an 84,775-square-foot office building located at 14800 St. Mary's Lane. The properties were built in 1977 and 1978 respectively, and underwent a $3.2 million capital improvement program in 2008.

According to JLL Research, since 2012, nearly 2.8 million square feet of new office product has delivered, yet overall net absorption has been over 3.2 million square feet over the same time.