HOUSTON-An 89,641-sf acquisition in Abilene marks the final purchase for the $250-million Americus Fund II, a joint venture between PM Realty Group and Americus Real Estate Investments. The fund closes out one year head of schedule with the milestone deal.

The acquisition, positioned on 8.3 acres at 4601 South First St., its predominately leased to the Texas Department of Health and Human Services and the Texas Department of Public Safety. Americus II acquired the 95%-leased asset in an off-market deal with Abilene Interests LP, led by Ken Musgrave of Abilene. Local sources say the building probably sold for roughly $5 million. But in keeping with Texas’ non-disclosure status, the purchase price isn’t being released.

Ernest Johnson, executive vice president for locally based PM Realty, says the 1950s building is in great shape following a 2002 renovation. He adds that there is some room for further development on the land, but nothing specific is planned.

Americus II funded three acquisitions, with other properties situated in Braintree, MA and Sacramento. Although it closed a year ahead of schedule, Johnson says finding ideal assets for the fund wasn’t a cakewalk. “We looked at about 125 properties just to buy the three we have,” he tells GlobeSt.com. “In some situations, the assets didn’t fit within our parameters, or the lease terms weren’t right, or they were larger than what we were looking for.”

Johnson says no similar funds are planned for the future, but both companies are continuing to look at government-leased assets nationwide. “Rather than tie ourselves to a fund, we’ll continue to look at properties and move on a deal-by-deal basis,” he adds. “If an opportunity presents itself to form a fund, we can do so quickly.”

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