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Off-Market Sale Lands $13M for 222,000-SF Net-Leased Asset

HOUSTON-The 1031 exchange buyer from Palm Springs, CA, staking a first claim in Texas, pays $13.3 million to a local seller for a class A industrial build-to-suit, leased for another 12 years to Corporate Express Inc.

By Jennifer D. Duell | Updated on March 15, 2005

HOUSTON-A 1031 exchange buyer from Palm Springs, CA has made its first acquisition in the Greater Houston region, paying $13.3 million for a 222,000-sf industrial building in the northwest sector. The class A asset, selling in an off-market transaction, is fully leased to Corporate Express Inc.

Buyer of record, MSFPII LLP, purchased the 6400 Hollister St. property from a local owner, Green Park Care Inc., which acquired it in 2002. “This was entirely financially driven,” says Tyndall Yapp, a vice president in Grubb & Ellis Co.’s local office. “It was based on the credit of the tenant and how much they’re paying in rent.”

Broomfield, CO-based Corporate Express, one of the world’s largest distributors of office supplies and services, has 12 years left on a build-to-suit lease that’s valued at roughly $1 million per year, according to Yapp. The firm uses about 20% of the space for office functions.

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