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Closed Boxes Bring Close to List Prices

HOUSTON-Two Texas investors pick up empty Wal-Mart buildings in Alvin near Houston and Lufkin, about 100 miles to the southeast, as part of a triple trade by a local CBRE team, which also hawked a Tennessee box.

By Jennifer Brenner Andrade | Updated on May 24, 2004

HOUSTON-A pair of Texas investors has picked up two shuttered Wal-Mart stores in the southern part of the state, paying close the asking prices in both transactions.

Silvestri Investments, a division of Blossom Development in Houston, bought a 91,360-sf box in Alvin while Clearview Investments Ltd. of Arlington, TX picked up a 121,122-sf building in Lufkin, about 100 miles northeast of Houston. The duet traded in a triple sale, which included a 129,768-sf property in Germantown, TN, brokered by Houston brokers Donna Kolius, senior vice president, and Jim Tipps, first vice president with CB Richard Ellis Inc.

Silvestri Investments is gaming out a retail redevelopment of the 22-year-old building at 1701 Fairway Dr. Wal-Mart vacated the six-acre property in May, putting it on the market for $981,000, according to Wal-Mart Realty spokeswoman. She says the trio of buyers got nods based upon “price, earnest money, due diligence time required by buyer, closing terms and use.”

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