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24,000-SF Retail Sale/Leaseback Closes

HOUSTON-Big Dog Motorcycles Houston works out a $4.4-million sale of its two-year-old dealership along Westheimer Road. The L.A. buyer gets a 15-year tenant with a triple-net, master lease.

By Jennifer Brenner Andrade | Updated on May 18, 2004

HOUSTON-The Big Dog Motorcycles Houston dealership has closed a 24,000-sf sale/leaseback in West Houston, sealing the deal with a 15-year, triple-net, master lease.

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.

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