James E. Foreman, Sandra F. Harris and Beau Kaleel, all with the Houston office of Cushman & Wakefield of Texas Inc., represented the seller, Old Republic Exchange Facilitator Co. Foreman tells GlobeSt.com that the 42-year-old building on a half-acre tract was on the market about a year and received four offers. He says the seller plans to use the funds from the sale in a 1031 Exchange to buy a retail property.
According to Foreman, the seller decided to put the property on the market because the lease is set to expire for the building's sole tenant, a records imaging firm. The plan, he confides, is to move or downsize.
Foreman says the new owner will put one of its businesses into at least half of the building. The property, assessed at $766,100, has a fenced-in parking area with 40 regular spaces and five metered spots.
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