Mason Creek Business Center, an industrial park in the Katy area, has been acquired by Dallas-based Hillwood, the company announced Wednesday.
Houston-based Transwestern Development Co. previously announced that the business center was sold, but it didn't name the buyer. Hillwood has retained Darryl Noon and Jude Filippone with Transwestern to lease the property.
“This investment offers an outstanding opportunity to significantly increase value by leasing up the 70,000 square feet of vacancy,” Tom Fishman, executive vice president of acquisitions and dispositions for Hillwood, said in a news release. “This acquisition is consistent with our strategy to acquire and develop high-quality, functional industrial real estate in major U.S. markets.”