D. Pete Snyder of Fort Worth took possession of the 25,000-sf Coastal Foods building at 14212 Interdrive West in the Interbelt North Business Center. Snyder was turning around proceeds from a multifamily sale in the Dallas-Fort Worth area.

David Butler of the Houston office of Colliers International represented the seller, Houston-based Commercial Holdings Ltd. Jeff Naquin of the William C. Jennings Co. in Fort Worth negotiated on Snyder's behalf.

Butler tells GlobeSt.com that demand for triple net, single-tenant buildings is so strong that the asset was under contract in less than 30 days of hitting the market. Butler's not talking about the selling price, but did note the asking price was just under $1.2 million. The seller developed the build-to-suit for Coastal Foods, a frozen food manufacturer. Butler says his client wanted to take advantage of the strong market and realize some gain on the 10-year-old building.

The property offered serious stability to buyers, according to Butler. Not only did Coastal Foods sign a 15-year renewal on the property, but it has a 15-year commitment to an abutting under-construction build-to-suit.

In the Medical Center District, a fully leased, two-tenant medical office building at 555 E. Medical Center Blvd. was sold to Innovative Project Solutions. Butler represented the seller, TA/Clear Lake Professional Plaza Ltd.

Innovative Project Solutions had sold an office building in Kingwood. The five-year-old building was marketed at $1.6 million. It too was under contract in less than 30 days, according to Butler. Roddy McAlpine, also in the Houston office of Colliers International, represented the buyer.

Butler says Houston's 1031 Exchange market is heating up because investors are more savvy about the tax advantages; the low and negative returns of the stock market are pushing more money toward exchanges; and low interest rates are giving "positive financial leverage." In the coming year, he predicts Texas will experience a significant increase in the number of 1031 Exchanges.