No sales price was given, but the advertised asking rate on the property was $1.795 million.
The building was constructed approximately 50 years ago when Texas Bolt Co. was one of the largest manufacturers of bolts in the southwestern United States. Bill Rudolf of the Houston office of CB Richard Ellis represented the seller, TXBC Inc. Jon Silberman and John Ferruzzo of the Houston office of NAI Partners Commercial represented the buyer, Standing Stone Development, LLP.
Rudolf tells GlobeSt.com the building is vacant except for tenant Goodman Manufacturing, which occupies approximately 40,000 sf. Standing Stone Development plans to use a majority of the building for their own companies and tear down older portions for redevelopment.
The facility is located in the big-box industrial section. This submarket has approximately 7 million sf of big-box space with an occupancy rate of 66.3% as of the third quarter. There is approximately 2.3 million sf of space still under construction in this submarket with another 2.5 million proposed. This is a big jump from third quarter 2000, when the submarket had only 4.5 million sf on line.
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