The construction company will relocate from nearby Spring into a holding bought from California-based Houston Properties. Tyndall Yaap and Thad Hickman, both in the Houston office for Grubb & Ellis Co., negotiated the transaction.
Houston Properties put the property on the market after it lost a tenant about two years ago. After 1 1/2 years of looking for a buyer, the owner turned over the listing to Grubb & Ellis.
Yaap tells GlobeSt.com that it took five months to sell the asset and a price drop from the initial offering of $650,000. He explains that the sale was hampered by a location that isn't readily accessible to any major artery. The seller's intent is to reinvest the proceeds into a California asset, he says.
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