The 5600 Northwest Central Dr. asset was on the market about 30 days, with a $3.6-million price tag, when Rio Puerco II LLC put in an offer that bested 11 others, Thomas G. Bousquet Jr., a senior vice president in Houston for CB Richard Ellis Inc., tells GlobeSt.com. Seller of record, W9/LWS Real Estate LP, got less than the asking price despite the number of offers on the table, according to Bousquet.
The building was 85% leased at sale time. Bousquet says the property is leased with small to medium-size local tenants. He says the lease expiration dates in the building are evenly spaced over the next few years. "This was an outstanding investment acquired on an attractive basis," Bousquet says.
In addition to Bousquet, the CBRE negotiating team included Lester O. Lehman, senior vice president, and Stephen H. Cramer, senior associate. The buyer did not have broker representation.
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