Richard Finnerman of NAI Partners Commercial in Houston represented buyer, Stabil Drill, and seller, Bill Eubank. Stabil will relocate from its existing warehouse in the Houston suburb of Pearland.
Stabil Drill is a subsidiary of New Orleans-based Superior Energy Services Inc. Stabil, which rents oil field drilling equipment, has five locations in Texas, Louisiana and Mississippi. Stabil recently took over a competing Houston business and will pull that team into the new buy at 608 W. Richey Rd., Finnerman tells GlobeSt.com.
Finnerman says Eubank, affiliated with various companies in Texas and Oklahoma, deemed the Richey Road building as surplus, prompting the decision to sell. Crane-served facilities such as Richey Road are extremely popular with industrial property buyers, explains Finnerman. The complex, built in the late 1970s to early 1980s, consists of a 16,000-sf main structure and three smaller buildings plus some raw land, which is ideal for outside storage. Richey Road has a hook height of 20 feet and center height of 25 feet.
A confidentiality agreement keeps the sales price under wraps, but the property carried an asking price of nearly $750,000. Finnerman says the holding primarily needs cosmetic upgrades, but pegs Stabil's rehabilitation plan at upward of $100,000.
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