Tesoro Petroleum Strikes Sale/Leaseback

The Centro Evangelico Christiano Church bought four buildings, totaling 27,864 sf, on 10 acres at 9420 Telephone Rd. and 9426 Telephone Rd. Cushman & Wakefield of Texas Inc.'s Scott Wegmann, B. Kelley Parker III, John F. Littman and H. Frank Stanley were hired about a year ago to hawk 9426 Telephone Rd., a 7.3-acre tract with a warehouse and small office building, totaling 15,600 sf. The holding, labeled as surplus real estate, was on the market 11 months at a list price of $575,000.

Littman tells GlobeSt.com that the asset gained the interest of "a few parties" during the lengthy marketing, but then church officials stepped up with an offer to buy it and an abutting 1.9 acres with two buildings totaling 12,264 sf, still being used by Tesoro. At the end of the day, both assets traded and Tesoro got a one-year sale/leaseback with extension options for the smaller property, says Anibal Alvarado of AAA Realty in Houston, who represented the church in the negotiations. According to the Harris County Appraisal District, the properties' combined assessments are $683,120.

Alvarado says church leaders were looking for a relocation site for two months when they found the Tesoro property. The sale/leaseback opportunity made the purchase financially attractive, he says, noting the existing church at 4923 Rusk St., about 10 miles to the northwest, will be put up for sale. Build-out has started and is slated for completion in three to six months.