Ralph Tullier, vice president in the city for Dallas-based Trammell Crow Co., tells GlobeSt.com that the buyer, Chris Garuba, was the second investor to place a contract during the eight-month marketing period for 11222 Richmond Ave. Garuba bought the property from McClelland Partners of Denver. Details about the first contract falling out weren't available.
Tullier and Rusty Tamlyn, a Trammell Crow principal, represented the seller, who decided to sell due to the current strength of the capital markets. Occupancy hovered in the low 80% range at sale time. Tullier says tenant rollover is stable, resting between 10% to 20% annually.
The class B building had no deferred maintenance and is positioned in a strong office submarket, according to Tullier. Ndem "Etty" Ikpeme of USA Asset Group in Houston represented the buyer. The 21-year-old building, positioned on 2.3 acres, is assessed at $2.3 million by Harris County Appraisal District.
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