Gary A. Mabray in Colliers International's Houston office tells GlobeSt.com that the seller, a private foreign investor, put the holding at 1105 Industrial Blvd. on the market three years ago for $525,000 after TruGreen ChemLawn vacated the building. The seller of record, Corporate RE Investment 9 LP, also hawked a TruGreen location in West Houston, but that lease was renewed.
Mabray says there is strong demand for small industrial buildings in the suburb, but the 2.1-acre property took a long time to sell because the building needs a lot of work. He confides two contracts fell out before the sale finally closed. According to Mabray, buyer Duane Johnson of Houston was on the down-leg of a 1031 Exchange. Mark Ray of Office Buildings of Houston represented Johnson.
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