JSRW Properties' acquisition is situated east of the downtown. John Ferruzzo with NAI Partners Commercial tells GlobeSt.com that the buyers were turning around 1031 Exchange proceeds from this year's sale of Coastal Foods buildings in the Interbelt North Business Park. The Hirsch Road buildings, roughly equal in size, were listed for $620,000, but the selling price was substantially less, according to Ferruzzo.
The new owners intend to extensively remodel the service center buildings, which have dock-high capabilities. Ferruzzo says the plans are still on the drawing boards, but the capital outlay will be significant. Mark Nicholas of Dallas-based Staubach Co.'s Houston office the seller in the transaction. Ferruzzo holds the leasing assignment for the newly acquired asset.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
