Todd N. Edmonds of the Houston office of Colliers International tells GlobeSt.com that the property was on the market two years ago. Owner C. Menger Co. got the one-year lease with an option to buy from Builders Post-Tension Inc., which formed Richey Road Partners to close the acquisition.
Menger owned the property for more than two decades. A relocation of his backup power generator business triggered the sale of the mid-1980s building, which carried an asking price of $695,000. Edmonds wouldn't say how close negotiations got the selling price to the asking price.
Edmonds represented the seller in the transaction. The buyer handled its side of the negotiations. Jim Wilkie of CNL Financial in Houston coordinated the financing for the purchase.
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