HOUSTON-Another manufacturing site has been snatched up by a residential developer seeking to feed the appetite for in-town living options in Houston.
Locally based Caspian Homes has acquired 5401 Lawndale St., a former door manufacturing facility situated about four miles southeast of the downtown. The buyer did not return telephone calls by publication time for comment about its plans for the site, which was on the market about 1.5 years. The listing received several offers, all from residential developers, John M. Talhelm in the Houston office of Cushman & Wakefield of Texas Inc. tells GlobeSt.com of the disposition by Woodlands Millwork I Ltd., a Masonite Corp. subsidiary that moved out of state.
Talhelm and C&W's Kevin Erck held the listing for 214,831-sf facility on 10.4 acres. The asking price was about $2.5 million. Mike Sarfati, an independent broker from Houston, represented Exchangers Intermediary Service Inc., the Caspian affiliate that served as the buyer of record.
Talhelm says Caspian Homes presented the highest and “cleanest deal” in an all-cash transaction for the seller, who was parting with an asset assessed at $2.1 million by Harris County. The property borders an older, single-family neighborhood and is close to a retail corridor. It's also about two miles southeast of the Markle Steel property, a 6.5-acre tract along Gulf Freeway where Tremont Homes is planning to build 120 single-family dwellings.
Talhelm says manufacturing consolidations, shutdowns and exits from inner city spots aren't surprising since the squeeze from residential developers makes it more difficult for industries to operate at close-in locations. In addition to the push on the east side, a 25-acre tract at 6200 Kansas St., about 10 miles to the northwest, is on the market for development into multifamily or single-family use. Seller Katy Kansas II LP is razing in excess of 400,000 sf at a heavy metal fabrication site to make way for a marketing push by B. Kelley Parker and John F. Littman, also in C&W's Houston office.
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