Rusty Tamlyn of Trammell Crow Co., who represented the seller, tells GlobeSt.com the property sold for under $2 million. The Crow Family Trust developed the property at 6831 Silsbee in 1962 for Continental Can, which has four years left on its current pact. John Ferruzzo of NAI Partners Commercial represented the buyer of record, CCD-Portfolio I Ltd.
Ferruzzo says Capital Commercial now owns 28 office and industrial buildings in Houston, Clear Lake, the Woodlands and Austin. The latest buy is a freestanding masonry warehouse that has been bought strictly for investment purposes. Continental Can is a part of Irving, TX-based Consolidated Container, which manufactures plastic bottles, containers, oil and medical supplies for clients such as Proctor & Gamble.
Ferruzzo also negotiated an unrelated lease on behalf of Houston-based Oriental rug distributor, Miresco Investments. The company will move its headquarters into 72,240 sf at 8648 Glenmont, relocating from a N. Shepherd building. Miresco distributes rugs to dealers, large department stores and other furniture stores.
GroceryWorks.com was the former tenant and had made numerous upgrades to the structure. EastGroup Properties of Mississippi is the owner of the year-old, tilt-wall building. Mike Annino of Insite Realty acted on EastGroup's behalf in the lease negotiations.
The brisk activity in the southwest industrial market of late, says Ferruzzo, is a strong indication that it's expanding beyond its prior electronics-dominant tenant base. He cites the recent 70,000-sf signing of Blackmon Mooring at Vantage Co.'s Beltway 8 Business Park as further evidence of the submarket's changing persona.
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