The BerLee Group Inc.'s sale/leaseback to a private investor from Los Angeles sold for close to the $4.4-million asking price, Jerry D. Goldstein with the local office of Marcus & Millichap tells GlobeSt.com. The sweet spot of a deal trading with a 10% cap rate was the local credit tenant's ability to attract a buyer from the national marketplace, he explains.

Goldstein says the property is a motorcycle and lifestyle complex, built two years ago on a two-acre tract at 16205 Westheimer Rd. About 70% of the structure is showroom space and 4,000 sf is leased to an operator of a biker bar. Goldstein says BerLee wanted a master lease on the property so it could control the third-party space. The property is situated in an area popular with motorcycle shops and complementary retail include a Harley Davidson clothing store.

According to Goldstein, BerLee Group sold the building to cut debt and expand the business. He says the listing hit the market at the end of October 2003, with three offers rolling in within 30 days. He explains that the L.A. investor was the high bidder, but repeated delays kept the property in an extended escrow.