Chris Caudill, senior associate with NAI Houston, says the 9655 W. Tidwell Rd. property brought close to the $2.75-million ask for seller, Houston-based Asset One Investors LLC. Caudill teamed with NAI's Joel Michael to represent Golden Mattress. Bill Rudolf of CB Richard Ellis Inc.'s Houston office negotiated for the seller.
"There was a lot of activity on the building," Caudill tells GlobeSt.com. "There is a definite lack of buildings in the range of 50,000 to 100,000 sf in that part of town. We were fortunate to put it under contract and to close. It was either going to be buy this one, or do a design-construct."
Built in 1973, the new location, an industrial/office combination, requires little in the way of renovation. Caudill says the building provides enough room for additional expansion. Golden Mattress' staff will move into the building in the next month.
In addition to the size, another advantage of the property is the location. "The owner liked the part of the northwest area so he could take advantage of the labor force out there," Caudill says. "He's going to hire more people out there."
In the meantime, Caudill says Golden Mattress' current property at 1919 Edwards St. is under contract as part of a reverse 1031 exchange. He anticipates the sale for the 39-year-old building will close in the fourth quarter.
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