Buyer Southwestern Processors immediately moved from a leased site along Mykawa Road, about a half mile away, Stephen B. Schneidau of Cushman & Wakefield of Texas Inc.'s Houston operation, tells GlobeSt.com. The buyer of record is Kirbyville Road Investments LP.
Schneidau, who represented the buyer, said a thorough market survey was done, but the Kirbyville Street asset was economical from a price standpoint and a proven industrial asset. He says it took about 100 days from start to finish to close the all-cash deal.
ICI Paints put the asset on the market about 1.5 years, attracting several prior offers that obviously fell out. James E. Foreman, Sandra F. Harris and Beau Kaleel, all in C&W's Houston office, represented the seller.
The building, which has about 4,000 sf of office space, is situated on about nine acres. Schneidau expects the buyer will make some improvements, particularly the office area.
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