HOUSTON — A joint venture between Houston-based Mission Equities GP and Baltimore, Md.-based Alex Brown Realty has acquired the 18-story St. Joseph Professional Building in downtown Houston. ORIX sold the 138,586-square-foot medical office building. Located at 2000 Crawford, the tower features ground-level retail with five floors of structured parking above. The upper 12 floors house medical office space, and the building’s basement includes additional office space and a tunnel connecting directly to St. Joseph’s Medical Center. The building will undergo a $7.8 million renovation. Alex Brown Realty Chesapeake Fund III, which is a value-added real estate investment fund sponsored by Alex Brown Realty, provided an equity commitment along with Mission’s equity to the venture. Robert LaRue of Live Oak Capital arranged equity capital and debt, and Whitney National Bank provided the acquisition and redevelopment loan for the project. Tim Gregory of Transwestern Houston represented the seller. Transwestern’s healthcare advisory team will continue to handle leasing at the building for the new owners.
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