HOUSTON, TX - Executives with PM Realty Group (PMRG), a national, full-service commercial real estate firm, and Americus Real Estate Investments, partners in Americus Fund II, today announced the fund's purchase of an 89,641-square-foot building in Abilene, Texas to close out the fund. Americus Fund II is a real estate investment fund targeting government-leased office buildings for acquisition.
The building, which is located at 4601 South First Street, was renovated in 2002 to meet the State of Texas' occupancy standards. It sits on 8.375 acres and is primarily occupied by the Texas Department of Health and Human Services, and the Texas Department of Public Safety. The previous owner was Abilene Interests LP.
"John Dailey led the PM Realty Group team in reviewing dozens of properties to find acquisitions that met the fund's criteria," said Rick Kirk, president and chief executive officer of PMRG. "Our national network opened a number of doors of opportunity, and we were able to close the fund within a year."
The investment criteria of Americus Fund II were to acquire Class A, B and C commercial office or industrial properties that were at least 50 percent leased to state, county or city government entities and located in the continental United States, including secondary and tertiary markets. The target property value was million to million and the investment-hold period is anticipated to be five to seven years.
About Americus Real Estate Investments
Americus Real Estate Investments is a privately held investment company that invests in commercial real estate across the U.S. Americus has15 years of experience partnering with institutions to help them achieve their real estate investment objectives, and more than 27 years of experience working with governmental entities and government real estate. For more information, visit www.americusinv.com.