The Hussion Family Partnership Ltd. acquired 11611 Tanner Rd. from a locally-based investment group, Tanner Road Properties Ltd. The 10-year-old building was on the market about 60 days before going under contract to the first bidder, Jack Butera with Brown, Butera & McDowell Inc. in Houston tells GlobeSt.com.
Butera says the property went up for sale after an eight-year hold because a 20,000-sf lease was coming to an end. The lease to Gardner Denver Inc. of Quincy, IL was in place at sale time, but has since elapsed, he adds.
The buyer's broker, Doug Nicholson in the local office for Grubb & Ellis Co., says negotiations are under way with Gardner Denver and the building's primary tenant, Dresser Roots, a subsidiary of Dallas-based Dresser Inc. The newly acquired holding, with a $2.7-million assessment, is situated on six acres in a dense industrial area near the junction of the Sam Houston Tollway and US Highway 290 in an 89-million-sf submarket with a 12.4% vacancy rate, according to a recently published report.
Nicholson says the buyer sold a couple retail properties around town as the first leg to the exchange. He says the Tanner Road location and crane-served design were the decision-makers for a buyer with other industrial assets in town.
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