The Palm Tree Group, now leasing an office in the Medical Center, bought 12701 Directors Dr. in the Corporate Business Park in Stafford from the Simpkins Group of Houston, which flipped the 6.7-acre property after a seven-month hold. Rob Bryant, Simpkins' executive vice president, says the property was on the market for lease or sale with a $3.4-million ask. The preference, he says, was to find a tenant since the property was bought as an investment. But then, several sales offers were placed. Palm Tree's was the highest, he says.

Palm Tree will move in June 25, exiting a leased headquarters office in Houston's Medical Center and downsizing a Miami office to a two- to four-member sales team. Pam Wedow, a vice president of Palm Tree subsidiary, Invatec, says 38 employees--six from Miami--will be relocated to the just-bought office/warehouse. In all, the operation is picking up about 20% more space, she says.

In a press release, Mark Wallis, Palm Tree president and CEO, says move to Fort Bend County will save in excess of $100,000 annually in inventory property taxes. The Directors Drive building, constructed in 1994, was built as a regional distribution facility for Makita USA Inc., which vacated the region in December 2003 and sold the holding to Simpkins.