The 8605 Rannie Rd. property listed for $155,000 and sold for $115,000 after attracting 12 offers. "This took about three days to get under contract," Jay Jenckes with Grubb & Ellis Co.'s Houston office, tells GlobeSt.com. "Small buildings like this in Houston are in high demand and people will do anything to get them."
Sterling Bancshares picked up the half-acre property as part of a foreclosure. "It was an electrical company that did work for Enron," Jenckes says. "I believe Enron had been their Number One customer, so the rest is pretty much explanatory."
The buyer, Masoud Owlia, a local investor who has similar assets in the area, beat out other interested parties because of his steady ownership record. "He plans to clean it up, put on a fresh coat of paint, then lease it out," Jenckes adds. The buyer's broker was John Tatum of Greater Houston Commercial Properties.
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