Buckley Equipment LLC is the buyer of record. The northwest submarket building will be used for the firm's corporate headquarters, says John Ferruzzo of the Houston office of NAI Partners. He represented the buyer in the deal. He tells GlobeSt.com that seller, NCI Building Systems Inc., got close to the $1.7-million asking price for the 18-year-old structure. With the deal done, the buyer will be moving from a leased facility along Brittmoore Road.
NCI had used the warehouse as overflow space for its pre-engineered metal building business. Bill Rudolf of the Houston office of CB Richard Ellis Inc. represented the seller of the class B asset.
Ferruzzo says small businesses, particularly industrial manufacturing users, are clamoring to buy buildings, but the slowed economy is making buyers wary of purchasing class A properties. The class B velocity is outpacing class A at the closing table, he says. "People are skittish about buying top of the line," he explains.
What is selling faster than hot cakes right now, Ferruzzo confides, are crane-served buildings of any class. If a crane-served building is located in the northwest submarket, "it's as good as gold," he adds.
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