Seller 10623 I-10 Realty Corp. sold a 65%-leased holding at 16023 I-10 East to LB Longer Enterprises LLC. The multi-tenant property was listed at $1.5 million, but the sale price is being kept under wraps. Harris County appraises the 3.4-acre asset at $1.3 million. Rob Chandler and Jeff Barbles of Marcus and Millichap in Houston brokered the deal for both buyer and seller.
"The sellers are really focusing on a strategy of acquiring larger properties for their portfolio," says Chandler, a vice president with Marcus and Millichap Real Estate Investment Brokerage Co. in Houston. "This particular property really didn't fit in well with their strategy of moving forward, particularly as they continue to build their long-term holdings."
But the deal, overall, is a good one for the buyer, too, Chandler says. "This is a great upside deal for the buyers because of the occupancy rate at the time of sale," he tells GlobeSt.com. Leases in the immediate area average 40 cents per sf, industrial gross.
Chandler adds immediate renovations will be made to the 23-year-old park, including the addition of a wrought iron fence with security controls. "They'll also refurbish the exterior of the property, then fix some of the units that were in a state of disrepair," he says. The metal warehouses range from 6,120 sf to 12,524 sf.
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