NJG & M Texas Inc. purchased the 1330 Kingwood Dr. property from TA/Kingwood Medical Ltd. of Houston. The single-story building is fully leased for another three years to the Woman's Place, which uses the space for a pediatrics care center.
"One of the great things about this buildings is that the area has a lot of residential around it," says John Parsley, principal and director of Colliers International's Houston office who represented the buyer along with associate Joe Knauth. TA/Kingwood Medical Ltd. was represented by the Colliers team of David Butler and Roddy McAlpine.
Parsley tells GlobeSt.com that the buyer wanted to reinvest its exchange money in Houston. "They like the Houston market and have owned industrial and office here for a while," he says. "They liked the quality of the building and the quality of the tenant."
Parsley says the new owner is negotiating with the Woman's Place to extend the lease. The 10-year-old building leases for $18.50 per sf triple net.
NJG & M Texas Inc. sold a three-building industrial property in La Marque. The property, 1 Banana St., consisted of roughly 43,000 sf situated on seven acres. The property was sold to Farmer Marine Copperworks, which plans to occupy the property. For the past 80 years or so, Farmer Marine had ground leased a site in Galveston. However, the company was forced to find a new spot when Schlitterbahn Waterparks wanted to build its newest attraction on the site, Parsley explains.
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