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CLEAR LAKE, TX-An investment group from Dallas has bulked up its local portfolio by acquiring Regents Park II and III, totaling 41,468 sf of class B office space, for $3.3 million. The deal closed with a $2.5-million loan.

Cole Regents Park Ltd. secured a 10-year loan, with a fixed-rate interest pushing 6%, from the Life Insurance Co. of the Southwest, a division of National Life Insurance Co. of Montpelier, VT, according to Susan Hill, a managing director in Houston for Holliday Fenoglio Fowler LP. “This lender is familiar with Clear Lake and likes the area,” she tells GlobeSt.com, adding several lenders were interested in financing the acquisition of the fully leased buildings at 16850 Saturn Ln. “The buildings are in really good condition, and it’s a stable property,” she says.

Capital Commercial of Austin sold the 2.7-acre development near Interstate 45 and the Johnson Space Center. Regents Park II and III were built in 1984 and 1985, respectively, and renovated in 1991 and again in 2000.

United Space Alliance, occupying about 11,000 sf, is the lead tenant for the complex. The roster includes Blackhawk Management Company and Brackett Green USA. “There’s not a lot of rollover for the next few years,” Hill says.

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