Cielo Realty Picks Up $9M Texas High-Rise

Law360, Houston (July 15, 2013, 9:42 PM EDT) -- Commercial real estate investment company Cielo Realty Partners has acquired an iconic, 17-story office tower in Texas’ Rio Grande Valley valued at more than $9 million, broker HFF LP announced Monday.

Austin, Texas-based Cielo picked up Neuhaus Tower in McAllen, Texas, the tallest high-rise south of Corpus Christi, from HFF affiliate Brookfield Asset Management Inc. free and clear of existing debt, HFF said. Additional terms of the sale were not disclosed, although HFF had been marketing the building at a $9.2 million price point. HFF arranged...
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