HOUSTON-A local entity has purchased a 195,000-sf, 90% leased industrial multi-tenant property that began life as a manufacturing plant 60 years ago.Located at 3233 W. 11th St. and situated on approximately eight acres, the property was built in the 1950s. It had since been purchased and renovated by the seller, locally based Standing Stone Development LLP in the early 2000s.Though no price could be officially obtained in this off-market transaction, sources estimate that such a property would sell within the $4-million to $4.5-million range. The property has an assessed value of $1.11 million."This wasn't on the market for sale, but the buyer came in with an unsolicited offer," notes John Ferruzzo, principal and head of the industrial division with NAI Houston who with NAI's Barrett Gibson and John Silberman, represented the seller in the transaction.Jim Foreman with Cushman & Wakefield Texas Inc.'s Houston office represented the buyer, 3315 West 11th Ltd., in the transaction, and will be handling leasing activities on the property."This was originally a freestanding manufacturing plant when Standing Stone took it over a few years ago," Ferruzzo tells GlobeSt.com. "But they totally renovated it, spent a lot of money on it, and converted it into a nice, multi-tenant office and industrial complex."As a result, he notes, the property should require little in the way of improvement. "The buyer acquired this as an investment," he adds.The property, on which approximately 30,000 sf of space remains, contains covered parking, as well as an atrium area with putting greens and picnic tables.