Houston partners Robert Burnstein and Edward Perwein took title to 10998 Wilcrest Dr. in an all-cash exchange with the local seller, J&J Investments, which is working out a lease so it can maintain an office in its long-time address, according to the Grubb & Ellis Co. brokers who closed the deal. The Grubb & Ellis team of Jim Arket, senior vice president, and Mona Williams, associate, and John Anderson, president of Reliance Property Resources in Houston, had two other offers on the 2.18-acre property during its three months on the market. Williams says several California investors inquired about the listing, but it was the local market that produced the offers.
Williams says the new owner is planning to rehab the building, which was the seller's only commercial property. J&J Investments bought the asset in 1989.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.