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12-Year Office Tenant Shores Up 26-Acre, Mixed-Use Buy

HOUSTON-In an all or nothing deal, Clay Development & Construction buys Hanover Compressor Co.'s vacant office and industrial site after landing an office tenant to speed an industrial redevelopment. Now, it's full steam ahead for Thomas Road Business Park.

By Connie Gore | Updated on September 28, 2004

HOUSTON-Clay Development & Construction Inc. is pushing full throttle on a repositioning plan for a 26-acre office and industrial complex, bought in an all or nothing deal from Hanover Compressor Co. after a two-year run on the market.

Robert Clay, president of the locally based industrial development firm, tells GlobeSt.com that he sat down at the closing table with a 12-year tenant in hand for two office buildings totaling 57,700 sf. And that, he says, was key to the $5-million takedown since he, like other industrial developers, couldn’t be weighted down by two vacant office buildings while trying to redevelop a 26-acre industrial holding that included 88,000 sf of manufacturing space. “In order to get it, we had to take it all,” he says of the northwest Houston acreage at Tanner and Thompson roads.

The Thomas Road Business Park’s first tenant is Aqua Services, which moved in immediately and freed Clay to focus on finding a tenant for a 58,000-sf manufacturing facility and five support buildings with another 30,000 sf. He’s now in the final stages of negotiations with a tenant for the entire 8.5-acre manufacturing complex. He predicts the deal with the oil and gas company will be inked by Oct. 15.

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