Michelle Wogan, senior vice president, and Scott Davis, associate, in the Houston office of CB Richard Ellis Inc. represented Kroger Texas LP in the purchase. Wogan tells GlobeSt.com that Kroger will move from about 84,000 sf of leased space at 16770 Imperial Valley Dr. in the Greenspoint/North Belt submarket.
The company wanted to buy a single-user, one-story building with about 60,000 sf, Wogan says, adding the search was concentrated in the northern quadrant. She says there "wasn't a tremendous amount of properties that could accommodate their (Kroger's) specific requirements."
The acquired building at 19245 David Memorial Dr. in the Portfolio Technology Center was vacant and available for lease when Wogan and Davis stumbled upon it. Kroger's new address shares a 14.5-acre tract with a 91,225-sf structure, owned by Dallas-based Today Realty Advisors, which was represented by Steve Huff of CMC Commercial Realty in Dallas and Mike Martin of PM Realty Group in Houston. The Montgomery County Appraisal District assesses the value of both buildings at $7.4 million, of which more than $2.2 million is levied against Kroger's new asset.
The CBRE team identified the property and then contacted Today Realty about a possible sale. The owners got back with a price, which is being closely guarded, but one that was right on target for Kroger, Wogan says. The grocer will house a team that services Houston and Dallas/Fort Worth in the office building.
Wogan says the process, start to finish, took about a year. The first-generation building, all shell space, is being built out for a move-in in the near term, Wogan says.
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