Stone Creek Management was the highest of eight bidders, mostly out-of-state investors, who surfaced in a two-week marketing of the one-off sale by Ivest Inc. of Miami, Robert Chandler with Marcus & Millichap in Houston tells GlobeSt.com. Ivest, which has other Houston holdings, was asking $3.3 million for the 90%-leased business park.
Chandler ties the speed in identifying the buyer for the 5.3-acre asset at 14518 Hempstead Highway to the continued strong demand for quality, investment-grade product. Ivest bought the buildings, each about 22,600 sf, 14 years ago. The 1980 product has an average office finish-out of 15%.
Chandler says about 25% of the leases will roll before September. He says the expirations are a value-add opportunity for the buyer since the park's average lease rate of 37 cents per sf is about eight cents per sf below the market in the northwest corridor. The leased spaces range from 5,000 sf to 12,000 sf.
Chandler says the new owner most likely will do minimal capital improvements and hold for the long term as it shops around for more industrial product to buy in the states. Besides Chandler, Jeff Barbles, also in Marcus & Millichap's Houston office, represented the seller.
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