Lennar Properties sold the propertied within 90 days of foreclosing on them, says Glynn Mireles, a first vice president in Houston with CB Richard Ellis Inc., who represented both Lennar and Dennis Holdings in the transaction. Mireles tells GlobeSt.com that the buildings "were Dennis' kind of deal" because of the property type and location in the North Airport submarket.
Both buildings were built in 1982. A 12,000-sf building at 16727 Aldine Westfield Rd., is 100% leased to 3M Corp. while its sister, with 35,000 sf, is 100% vacant. "Dennis Holdings is primarily a value-added buyer," Mireles says.
According to Mireles, Dennis Holdings plans to do some "modest" improvements to the vacant building to lease it up. The lease rate for similar buildings is about $4.80 per sf.
According to Harris County Appraisal District, the appraised value for the buildings is less than $1 million. Dennis Holdings obtained new financing from Wells Fargo Bank to acquire the property.
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