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HOUSTON-Grubb & Ellis Realty Investors has beat out nine other bidders for the 158,200-square-foot Oak Park Office Center III. The Santa Ana, CA-based buyer has paid slightly less than the $34.5-million ask to Myers Crow & Saviers Ltd. for the single-tenant asset.

The local developer completed the building in the spring, leased it in July and then turned it over to Holliday Fenoglio Fowler LP managing directors Robert Williamson and Jeffrey Hollinden to market. Williamson says Grubb & Ellis ended up with the class A building at 6001 Rogerdale Rd. because of its familiarity with Oak Park Office Center Park. “They own the Oak Park I building we sold them in 2004,” he adds, telling GlobeSt.com that Grubb & Ellis Realty funded the transaction with a life company acquisition loan.

In July, Jacobs Engineering Group signed a 10-year lease to get the entire building, which sits on 11.3 acres, for its headquarters. According to HFF’s marketing brochure, the lease will generate $2.4 million in annual rent.

Meanwhile, Myers Crow & Saviers is seeking tenants for the 158,200-square-foot Oak Park Office Center IV at 6005 Rogerdale Dr. The building is under construction, with completion scheduled for early 2009. It too is being courted on a single- and multi-tenant basis.

“These buildings are designed to be flexible,” Williamson says. “Building four will likely be multi-tenant, but in this case multi-tenant means three or four tenants. These are still geared toward large users.” He says the developer could market the asset upon lease-up.

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