Located in Conroe Park North at the intersection of Pollok and Conroe North drives, the just-completed Trammell Crow Co.-owned and developed center had been on the market just a few months, without a minimum bid. The San Francisco-based McKesson Corp.'s build-to-suit delivered in November. The cross-dock distribution center has 32-foot clear heights, 149,646 sf of warehouse space and 12,000 sf of office area.
"McKesson moved in at the same time and has a 10-year lease," says Ralph Tullier, vice president of TCC's capital markets group, who with TCC's Rusty Tamlyn and Jay Scholl, oversaw the sale. Tullier tells GlobeSt.com that the property attracted more than 15 offers. "There's a strong demand for properties with single-tenant, long-term leases and strong investment-grade ratings," he says.
The Oak Brook, IL-based Inland, represented in-house by Lou Quilici, won the face-off for its price and closing track record. In October, Inland started closing on several Houston-area properties included in a $440-million retail portfolio. "They're active buyers and sellers in the area," Tullier says. "They look at a lot of stuff we have and we're always crossing paths."
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