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Swiss Investor Sells Only Houston Asset for $3M

HOUSTON-The private investor sells a 78,900-sf office/warehouse building, fully leased to a national tenant until 2008, to a New York buyer for slightly less than the $2.97-million ask. The remaining term on the lease is the impetus to sell, says one of the brokers.

By Amy Wolff Sorter | Updated on September 28, 2005

HOUSTON-A Swiss investor has sold his only holding in the region: a 78,900-sf office/warehouse that’s fully leased to SimplexGrinnell LP. To win the deal, the private buyer from New York ends up putting slightly less than the $2.97-million ask on the line.

Seller Rolf Piller handed off the deed to Danielle Salerno, whose new acquisition is leased until 2008 to the division of Tyco Fire & Security Inc. of Boca Raton, FL. Situated on 3.2 acres at 7604 Kenwood Dr., the three-story building was developed in 1981 by Dallas-based Trammell Crow Co.

“The lease with SimplexGrinnell was up in a few years and the owner didn’t want to face a lower valuation of the property that could have resulted,” Jerry Goldstein, senior investment associate with Marcus & Millichap’s Houston office, tells GlobeSt.com. “They’d done a 10-year lease, which is going to be up in 2008.”

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