Doug Nicholson with Grubb & Ellis tells GlobeSt.com that seller AFD Industries Inc./Menko Steel Services, had listed the property for $675,000 when Oceaneering International, which owns an adjacent property, made the purchase offer.
"As soon as it became available we put it under contract," Nicholson said of the 11915 FM 529 building, located in an industrial area in northwest Houston just south of Texas 290. Built in 1986, the building is a one-story, rail-served industrial building that was appraised for $331,480 in 2002.
Nicholson said Oceaneering International, which services underwater research and development, plans to use the building for expansion. The property is located to the south of the firm's current facility, he said. Nicholson represented the buyer in the transaction. Bill Rudolph of CB Richard Ellis Inc. represented the seller in the deal.
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