Mission Cos. buys Ashford Place II and III in Houston

HOUSTON – The Mission Cos. has acquired the 1970s-era Ashford Place II and III buildings near I-10 and Dairy Ashford from Insite Realty.

The company already owned the neighboring Ashford Atrium and Ashford IV buildings on St. Mary’s Lane. All four of the buildings are between 96 and 100 percent leased.

Ashford Place II contains 58,730 sf at 950 Threadneedle, while Ashford Place III consists of 84,775 sf at 14800 St. Mary’s Lane. The properties underwent $3.2 million in improvements in 2008.

The Mission Cos. owns about 1 million sf of office and medical buildings in Houston, including the St. Joseph Professional Building downtown and two buildings in Westchase. It recently sold a building at 1111 West Loop South that houses the Gulf Coast Veterinary Specialists.

The Mission Cos. is seeing strong demand for its Class B buildings in the Energy Corridor and Westchase, two regions with a concentration of companies in that provide services to oil and gas firms.

The company is also developing a 165,000-sf office building at 1885 St. James. No leases have been announced yet in the building, which will have nine levels of office space and six levels of parking.