The holding consists of a 4,791-sf building, which had housed a day care, and 11,652 sf of land at 8541 Long Point Rd. in Spring Branch. The property had been on the market for nearly three months when the trust had bought it from GWR Property and Mortgage Co., also a Houston business, and then immediately put it back up for sale, Gus Lagos, vice president of Grubb & Ellis Co.'s Houston office, tells GlobeSt.com. He and associate Paula Foster have brokered the deal once and are looking do so again.
The property's initial asking price had been $220,000. Now, it's being offered for $199,000 or leased at 50 cents triple net, says Lagos. The trust, says the broker, "thinks there's some juice there. It's a good retail area."
Traffic studies peg 12,000 vehicles a day pass by the site. Lagos says he doesn't know if a taker will be found more quickly than the first time around. But, he says he's pretty sure he can hawk it for more money than the initial sale.
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