Search
 

1031 Exchange Fuels 82,546-SF Industrial Buy

HOUSTON-The Hussion Family Partnership replaces retail properties with an industrial building on six acres in the northwest submarket. The deed passes to the first bidder in all all-cash trade that came close to the $2.8-million asking price.

By Jennifer Brenner Andrade | Updated on March 16, 2004

HOUSTON-A local partnership has used 1031 Exchange proceeds to turn the deed to an 82,546-sf warehouse in the northwest submarket, paying slightly less than the $2.8-million asking price in an all-cash transaction.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.