9700 W. Gulf Bank Rd. is a 245,319-square-foot manufacturing asset in Brookhollow West Business Park.
HOUSTON—A 245,319-square-foot manufacturing building located in Brookhollow West Business Park recorded a significant milestone. The sale of 9700 W. Gulf Bank Rd. was last year's third-largest manufacturing sale by square footage.
Earhart Chenault LLC acquired the property for an undisclosed amount although the listing price was $12 million. The seller was NIP Owner I LLC. Transwestern Commercial Services managing director Nick Peterson and executive managing director John Ferruzzo represented the seller.
"This was a rare opportunity for the buyer to acquire a large, fully air-conditioned manufacturing property in the heart of Northwest Houston," said Peterson. "The sale included an additional 8.6 acres to accommodate future expansion."
The freestanding building has a two-story 48,000-square-foot office area, 11 overhead cranes, heavy electrical service (three phase/480 volts/8,500 amps), 24- to 28-foot clear height and 14 loading doors (dock and grade level).
Vacancy for the manufacturing sector remained the lowest of all property types, according to Transwestern's fourth quarter industrial report. It ended the year at 2.3% for both direct vacancy and overall vacancy, down from 2.4% and 2.6% over the quarter, respectively. Direct vacancy for warehouse/distribution space increased to 6.7% from a rate of 6.2% last quarter, while overall vacancy reached 7% from 6.7% in the third quarter.
"We are happy to see the sale of a large manufacturing property like 9700 W. Gulf Bank, given oil prices have been suppressed since late 2014 and activity on properties like this has been limited," Peterson tells GlobeSt.com.
Stephen Kuper and Preston Yaggi of Lee & Associates represented the buyer.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
