Owner-Occupied Trend Drives 45,000-SF Sale

HOUSTON-An ambulance service affiliate has hawked a 45,000-sf office building to Phoenix Tel-Supply Inc. of Houston, striking a temporary lease for about 4% of the structure.

Logan Brown Jr., senior vice president of investment properties with the Houston office of Grubb & Ellis Co., and Steve Adkisson of National Realty Group, represented the buyer of the structure at 420 Lockhaven. Rural Building LLC, an affiliate of the Rural Metro ambulance service, is the seller of record of the build-to-suit. Under the contract terms, the seller will get to stay put for roughly six more months, Brown tells GlobeSt.com.

Brown wouldn’t discuss the selling price, but the asking ticket was $3.6 million. Phoenix Tel-Supply, an engineering, furnishings and installation provider to the telecommunications industry, was located in a structure near the intersection of the Hardy Toll Road and Beltway 8. The firm began looking for a new location after its building was damaged in this summer’s floods, says Brown.