Michael J. Taetz of Colliers International's Houston office represented buyer and seller in the transaction. Taetz tells GlobeSt.com that the buyer is in the process of buying two adjacent tracts and will likely redevelop the property into a mixed-use project. For now, however, the buyers plan to place their steel fabrication business in the building. Taetz says they fabricate metal buildings and own a retail center close to the property.
Russell Projects Ltd., headed by a Houston business owner, is the seller of record. Taetz says Russell bought the property in 1990 and operated a steel business in the location. Russell leased the structure to several tenants for the past three or four years before making the decision to sell. The sales price was not disclosed, but the asking price for the building was $795,000.
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