The building is situated on about two acres with a paved yard. Wilson Supply, an oil field supplier, is the sole tenant. David Butler and Gary A. Mabray, both of the Houston office of Colliers International, represented the buyer, Tim Horan.
Mabray tells GlobeSt.com that the seller was seeking $350,000, but won't disclose the bottom-line selling price. Wilson Supply has a 10-year lease for the building and has proven to be a historically stable tenant. Horan purchased the building as an income property primarily on the strength of the lease, says Mabray.
In 1999, Mitchell Energy & Development was 50 of the Top 100 public companies in Houston, according to a University of Houston ranking. The merger was valued at $3.5 million.
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