Chris Caudill of NAI Houston tells GlobeSt.com that Classic Lighting's lease was built with a termination clause for an easy exit of 25,000 sf at a nearby building along Industrial Drive, rented a few years ago while the firm's owners continued to search for an asset to buy. He and NAI's Joel Michael represented Classic Lighting in the acquisition of 140 Industrial Dr. in the Sugar Land Business Park. Seller Comerica Bank of Texas was represented by Marc Drumwright of Southwest Realty Advisors of Houston.
The building is primarily distribution space with a small area dedicated for office. According to Caudill, the decision to buy was mortared by low interest rates and the present buyer-friendly climate in the region and capital markets.
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