Frank Onorato of Grubb & Ellis Co.'s Houston office negotiated the transaction on behalf of Dominion Steel and the building owner, Texas Development Co. The owner acquired the property in the mid-1980s.
Onorato tells GlobeSt.com that the entire building is situated on a 33,541-sf parcel, south of Interstate 10 and Lockwood Road. Dominion is using the "30-something" building for storage and distribution of imported wire binding for the shipping industry.
Onorato says the Armour Drive location simply was the right spot and right terms. "The economics of that deal worked in their favor," he says, adding that as a new company Dominion Steel was particularly concerned with keeping costs down. Onorato, though, is quiet about the lease financials.
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