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Investor Packages Sale-Leaseback for About $4M

HOUSTON-Hand Benefits & Trust sells its corporate headquarters to a local investor, signing a long-term lease for the third and fourth floors of the 73,000-sf, class B building. Gusma Properties pays close to $3.9 million for the 81%-occupied building.

By Jennifer D. Duell | Updated on April 04, 2005

HOUSTON-Local investor Gusma Properties has expanded its presence in the region, paying close to $3.9 million for the 73,000-sf Hand Building in a partial sale-leaseback. The Hand Benefits & Trust occupies the third and fourth floors of the class B asset.

The seller inked a long-term lease to close the deal for the 5700 NW Central Dr. property, says Ross Cannizaro, an investment associate Marcus & Millichap Real Estate Investment Brokerage Co.’s local office. He tells GlobeSt.com that the building, situated on 2.3 acres, received more than five offers during its three weeks on the market. Gusma Properties, which owns several other office buildings in the Houston metro, made the highest offer for the property, which had done a six-month run on the market with another broker, according to Cannizaro.

“The building offers leasing upside with a strong lead tenant,” Cannizaro says, adding that it is 81% leased. Hand Benefits & Trust occupies 44% of the multi-tenant, four-story building. The lease rollover for local roster is staggered over the next few years, Cannizaro says. The building’s quoted rent is $12 per sf to $13 per sf, full-service. “The leases are about market rate,” he adds.

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