Varco LP primarily used the property and 37,500-sf building at 1011 Sheldon Rd. in Houston's far northeast submarket to store pipes. Buyer Conestoga Supply Corp. is a Houston-based supplier of used and surplus tubing for customers from coast to coast and border to border.

Wayne L. Caldwell, Conestoga's president, represented the company in the acquisition. Frank Onorato of the Houston office for Grubb & Ellis Co. tells GlobeSt.com that the property carried an asking price of $1 million. It received two hard offers during the marketing period. Onorato was tapped by the seller to dispose of the property.

Onorato says Varco sold the property because it was considered surplus real estate. According to the Harris County Appraisal District, the 2002 assessment is $365,460, a figure that the taxing body says is capped.