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UK Buyer Gets First US Industrial Property

HOUSTON-Stone Creek Management bests seven others with an offer hovering $3 million to win the 113,211-sf Homestead Business Park. The deal's broker says the buyer, eyeing a long-term hold, is shopping the states for more industrial product to buy.

By Jennifer Brenner Andrade | Updated on May 13, 2004

HOUSTON-An investment group from the United Kingdom has laid down about $3 million in cash to get its first piece of US real estate, the 113,211-sf, five-building Homestead Business Park in Houston’s northwest submarket. Sources say similar product in the area would trade for $27 per sf to $35 per sf.

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%.

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