Rice VP LP of Houston sold the 28,210-sf site at 5301 Richmond Ave. to OTEC LLC of San Diego for less than the $3.1-million ask. The 4,050-sf building will be completed in May. According to the marketing brochure, the ground lease, which also commences in May, carries an annual rental of $170,000 for the first five years and 10% increases every five years thereafter.
"The long-term ground lease with Wachovia was appealing to the buyer," explains Nick Alford of Burnham Real Estate in San Diego, who represented the new owner. He tells GlobeSt.com that, while the transaction is the buyer's first in the area, it will be his last as well. "He's not looking for more property at this time and this just satisfied an exchange," he says.
The future bank will abut vacant land being listed for sale as a potential retail development. Jaine Bouterrie of Huntington Properties Inc. in Houston represented the seller.
© 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.