The seller of record, Houston Wayside Business Center Ltd., disposed of 4300-4565 S. Wayside as the first leg of the exchange, Alexander G. Reilly with the Houston office of Boyd Page tells GlobeSt.com. He says the sellers now are looking for another property to buy in Houston. Buyer Dan Wainberg of Houston is turning around proceeds from a land sale along FM 288 in North Houston.
Reilly and Boyd Page's David M. Boyd represented the seller. Karen Stumbough, an independent Houston-based broker represented the buyer. Reilly says the property was on the market for about a year before it reached the closing table. The property was marketed at nearly $4.3 million and sold for pretty close to that, he says.
Reilly says the upside lies in boosting the 80% occupancy of the eight-building complex, which he describes as a good value. Existing leases have terms of three to five years, with the rollover evenly spaced over the next decade, according to Reilly.
The eight buildings range from 25,000 sf to 35, 000 sf. The package includes a dock-high warehouse, a semi-dock warehouse and six grade-level warehouses.
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