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$3M Sale-Leaseback Delivers $1M Gain in One Day

WEBSTER, TX-Spacehab Inc. makes a tidy profit of more than $1 million after paying $2 million to acquire a 90,987-sf industrial facility and selling it hours later to a Los Angeles investment group for $3.3 million. The deal is sealed with a 10-year lease.

By Jennifer D. Duell | Updated on July 06, 2005

WEBSTER, TX-With the ink now dried on the deal, details about Spacehab Inc.’s sale-leaseback transaction have emerged. The NASA subcontractor gained more than $1 million profit after buying a 90,987-sf industrial facility and 9.3 acres for $2 million in the morning and flipping the building and six acres to R&H Investments that afternoon for $3.3 million.

The subcontractor retained 3.3 acres and agreed to lease back the facility from Los Angeles-based R&H Investments for 10 years. “It was just a unique situation,” says Kimberly Campbell, a vice president with Spacehab, “and we were happy to do it.” She tells GlobeSt.com that the company had been a tenant in the facility at 12130 Highway 3 for three years when it heard that the building was for sale. “We had first right of refusal to buy the building and we knew of a buyer that would buy it from us,” she explains. Spacehab acquired the facility from Beal Bank.

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