A joint venture between Miami’s Adler Real Estate Fund and a partner purchased 16 buildings in Houston, Texas.
The 467,000-square-foot portfolio, which was purchased with Kawa Capital Management, is located in five Houston business parks and includes a combination of office, industrial and flex space. Financial terms of the deal were not disclosed, but it estimated to be between $24 million and $30 million for the 16 buildings.
The Adler Real Estate Fund is managed by the Adler Group, one of Florida’s largest commercial real estate firms. This is the fund’s second purchase in the Houston area within the past ten months. The Adler fund portfolio includes 4.5 million square feet of space accounting for more than $450 million in transactions, concentrated in South Florida, Washington D.C. and Houston. The fund targets multi-tenant properties in markets with strong growth potential.