Howard Castleberry, GSL's executive vice president and principal, tells GlobeSt.com that the property at 9111 Glesby St. fits the criteria of the single-tenant office/warehouses that GSL favors when it goes to buy. The building is in good condition, in a good location and has a good tenant with a long-term lease.
The 9111 Glesby St. building is fully leased to Insta/Bulk, a Houston-based company that specializes in lining sea containers with sterile, germ-free plastic for the transportation of grains and other semi-perishables.
Seller Strohmer Symphony acquired the building in the mid-1990s, according to B. Kelley Parker of the Houston office of Cushman & Wakefield of Texas Inc. Parker, who represented the seller, says Strohmer Symphony is getting rid of its real estate holdings. He's not talking about the selling price, but the building was marketed at $1.5 million. James E. Foreman, also with C&W's Houston office. brokered the acquisition for GSL.
The building is located in Gulf Port Industrial Park. The structure was built in two phases, beginning in 1977. According to Harris County tax records, the property's 2002 assessment is slightly more than $1 million.
In 4 1/2 years, GSL has acquired 1.5 million sf in 40 buildings. Castleberry says today's market is perfect for buying so the firm is aggressively pursuing additional industrial acquisitions. He says his firm will continue to expand its portfolio as long as market conditions hold up.
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