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100,200-SF Single-Tenant Asset Gets About $7M

HOUSTON-The build-to-suit's developer, which spent about $6 million on the project, turns over the deed for Innova Electronics' headquarters and manufacturing site to Macfarlan Real Estate Investment Management.

By Jennifer Brenner Andrade | Updated on February 16, 2004

HOUSTON-The Dallas-based Macfarlan Real Estate Investment Management has purchased the 100,200-sf Innova Electronics headquarters at 8383 N. Sam Houston Parkway West in the northwest submarket. According to industry sources, the Harris County property sold for just over $7 million.

From start to finish, the deal took about six months to complete. Rusty Tamlyn, a principal in Houston for Dallas-based Trammell Crow Co., tells GlobeSt.com at least 15 buyers threw their hats in the ring for the state-of-the-art, one-year-old building leased to Innova for 10 years.

The seller was the build-to-suit’s developer, Midway Development Co. in Houston. The facility, which cost about $6 million to build, houses 200 office and production workers. Innova makes electronics for aerospace, medical, military, industrial and oilfield uses. Tamlyn says the industrial building, situated on 7.5 acres, is designed to be flexible for alternative uses should Innova decide to move or expand.

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