Buyer Spring Village Investments Ltd. from the Conroe, TX area got an asset that's master leased to Antique Land, which has divvied the interior into "for lease" stalls for dealers. Tom Condon Jr. with Betz Commercial Brokerage Inc. in Houston tells GlobeSt.com that Antique Land has been in the building for 3.5 years and has 21 months left on the contract. The master lease has options to extend.
Old Town Spring is a mix of craft and antique shops fashioned from a cluster of mostly older homes and buildings in the northwestern Houston suburb of Spring. The three-building acquisition consists of two 1,500-sf buildings and a larger metal building, all situated near the entrance to Old Town Spring. The property has the potential to be converted into industrial use.
Condon says he listed the property about a year ago for PST Group LLC, but things didn't really start to heat up until recently. Antique Land's strong tenancy helped to secure financing for the purchase. Jerry Ashmore with Greater Houston Group represented the buyer. Judy Crocker with StarTex Title Co. coordinated the closing.
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