John F. Littman and B. Kelley Parker III, both of Cushman & Wakefield of Texas Inc.'s Houston office, represented Union Pacific in the sale. C&W holds Union Pacific's national account. The Houston warehouse and 74 acres, also recently sold, were let go because they had been labeled surplus property by the railroad. At this time, they are the only Union Pacific holdings being sold in Houston, Littman tells GlobeSt.com.
The brokers sourced the buyer before the warehouse came to market. The deal closed with a buyer who simply wanted an investment property. The building is fully leased to a third-party tenant. According to Harris County Appraisal District, the property is assessed at close to $240,000.
In the 74-acre sale, Littman and Parker closed the Union Pacific deal with Hanover Estates Ltd., an owner of an adjoining residential development. The acreage is located along Texas 288 at Sims Bayou in Houston's southern corridor.
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