HOUSTON-The 52,400-sf Boeing product support center, situated on 4.3 acres, has been sold to a San Francisco buyer for just south of the $7.5-million list.
Boeing uses the flex building at 13150 Space Center Blvd. near Effington Field and the Johnson Space Center for product support and services for NASA programs. The Chicago-based company is in the middle of a 10-year, triple-net lease, which won't expire until July 2011, Monte Lowery with Marcus & Millichap Real Estate Investment Brokerage Co. in Houston tells GlobeSt.com.
"This was an original build-to-suit for Boeing and finished in 2000," Lowery says. He represented the seller, Shee Atika Holding Houston LLC of Sitka, AK while Ron Lachman, an independent broker from San Francisco, bargained for the private investor staking his first claim in Texas.
From the seller's side, the deal marked the sale of the only property in the area. "They wanted to exchange into other property closer to home," Lowery says.
Lowery adds that the building was on the market eight months. It went under contract once, but didn't make it to escrow, he says, stressing the ability to close was a strong motivation for selecting the buyer. "The buyer performed and that's what was needed," he says.
According to Lowery, the buyer didn't mention that he planned to make any improvements to the six-year-old structure, but any modifications nonetheless wouldn't have to be major ones. "The building was in excellent shape when it was sold," he says.
The building is among industrial and flex properties tenanted by companies that serve the aerospace industry. Additional Boeing facilities are nearby.
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