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59,550-SF Industrial Sale/Leaseback Closes

HOUSTON-Encon Safety Products seals the sale with a 10-year lease with renewal options to hold onto its 13-year address in the Northwest Point Business Park and end 10 months of negotiations with the buyer, GSL Investments.

By Jennifer Brenner Andrade | Updated on October 28, 2003

HOUSTON-Encon Safety Products, a subsidiary of Netherlands-based Hagemeyer North America, and GSL Investments in here have completed a sale/leaseback of a 59,550-sf facility in the Northwest Point Business Park.

The deal-makers aren’t commenting on the selling or asking prices for 6825 W. Sam Houston Parkway North, but other real estate sources tell GlobeSt.com that comparable buildings typically trade for $40 per sf to $50 per sf. Encon signed a 10-year lease with options to renew.

John Haas, senior vice president of Wilson Wasaff Industrial in the city, represented GSL Investments. He says buyer and seller started negotiating the sale/leaseback in January, with the 13-year-old building never making to market. Scott Jones of Dillon Corporate Services-Cresa Partners in Dallas represented Encon, a manufacturer of industrial safety eye wash stations, hazmat showers and specialty safety eyewear.

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