The 95%-leased building at 18838-42 S. Memorial Dr. was developed in 1982 on a 1.6-acre tract. Ross Cannizaro, investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. in Houston, says the investment made sense from the investor's standpoint because he owns another office property in the area and is developing two more. "He knows the area well and he's familiar with it so this was a good fit," Cannizaro says.

Cannizaro, the deal's sole broker, says the medical building was on the market about three weeks. "It generated at least 10 offers," he tells GlobeSt.com. "Three of the offers ended up separating themselves from the pack, then the buyer came back to outbid the other guys on the final go-round."

Cannizaro adds the buyer end up paying south of the $2.26-million ask, but not by much. With the deal closed, a renovation now looms. "I'm assuming it's his intention to renovate," he adds. "He'll probably put a new face on it, a new facade and awnings, to update it."

The seller is a private investor from Houston. "He's been at least a part owner since 1982," Cannizaro says. "He was part of a partnership that had owned it at that time, then bought them out eight years ago. It was just good timing for him to sell right now."