John Ferruzzo of NAI Partners Commercial in Houston tells GlobeSt.com that the buyer plans to raze the house brick and use the land as a parking lot. The warehouse will be renovated and leased to a third-party tenant, for the time being. Ferruzzo says the warehouse could one day serve as the buyer's expansion space.
Tubes & Belts represented itself while Ferruzzo handled talks for the seller, Thomas Rankin of Schulenburg, TX. Rankin used the property for an oilfield services business, which he sold about a year ago. The buyer of Rankin's business started out leasing the building, but then vacated at the start of 2002.
After the property came to market, it was there just three months before the neighbor put down an offer. Ferruzzo says the property received a lot of interest during the marketing period, especially from developers wanting to redevelop the infill spot.
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