Search
 

Local Investor Takes Over 67,000-SF I-10 Business Park

HOUSTON-LB Longer Enterprises picks up a 65%-leased, seven-building industrial park from another local investor who's interested in trading up to larger properties. The vintage buildings are now in line for a retooling.

By Amy Wolff Sorter | Updated on August 04, 2005

HOUSTON-Following a strategy to focus on the acquisition of larger properties, a local company has sold the I-10 Business Park, a seven-building asset totaling 67,000 sf, to another local investor.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.