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Nigerian Buyer Grabs Second NASA-Area Building

CLEAR LAKE, TX-The foreign investor pays close to the $3.5-million ask to get a 46,605-sf, class B office building along Gemini Street. The 24-year-old building, recently renovated, is fully leased to credit tenants.

By Jennifer D. Duell | Updated on January 10, 2005

CLEAR LAKE, TX-A 1031 Exchange buyer, Premier Investments of Nigeria, has made a second acquisition in the Clear Lake submarket, paying close to the $3.5-million ask for a 46,605-sf, class B office building.

The Denver-based Old Vine Corp. decided to sell the 24-year-old building at 1002 Gemini St. because of the strong market demand, Logan Brown, a senior vice president with Grubb & Ellis Co.’s Houston office, tells GlobeSt.com. According to the Harris County Appraisal District, the building is valued at $2.3 million.

Brown, the seller’s broker, says the firm, which focuses on large office and industrial value-added properties primarily in the Woodlands market, thought it would be “a good time to exit the market” since an extensive renovation of the building’s interior had just been completed. The improvements included new common areas, lobby, elevators and upgraded bathrooms.

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