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GlobeSt.com EXCLUSIVE: $13M Takes Kelsey-Seybold Building

HOUSTON-Bradley Associates of Chicago makes the first and best offer for the 119,527-sf, class B office building, putting down close to the $12.8-million ask to win a single-tenant property. The healthcare provider has occupied the building since 1998.

By Jennifer D. Duell | Updated on February 23, 2005

HOUSTON-A local owner has accepted the first offer for a 119,527-sf, class B office building, pocketing close to $12.8 million from a Chicago investment group.

Lasco Development sold the single-story building at 8900 Lakes at 610 Dr. to Bradley Associates. The $12.8-million listing was on the market just a couple of weeks, says John Nicholson, a local associate with Grubb & Ellis Co. who brokered the transaction. “The owner wanted to go down the road with this buyer,” he explains.

Nicholson tells GlobeSt.com that Bradley Associates made the first and best offer for the 1990s-era property, developed by locally based McCord Development Inc. “Bradley was looking for a credit tenant on a long-term lease with a good return,” he says. The building has been fully leased since 1998 to Kelsey-Seybold Clinic, which uses it for medical space as well as providing offices for its pharmacy group and nursing education. The Kelsey-Seybold Clinic is a network of private, multi-specialty physicians affiliated with St. Luke’s Episcopal Health System of Houston.

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