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28,000-SF, Two-Building Industrial Asset Swaps

HOUSTON-A partnership of principals from NAI Partners Commercial spend far less than the $620,000 asking price, using 1031 Exchange capital to close the deal with Kellogg, Brown & Root. Now, the Hirsch Road property will be remodeled and leased.

By Jennifer Brenner Andrade | Updated on October 02, 2003

HOUSTON-A partnership of principals from NAI Partners Commercial in Houston have acquired a two-building, 28,000-sf industrial holding at 198 Hirsch Rd. from Kellogg, Brown & Root, which had labeled the property as surplus real estate.

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.

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