The earliest lease roll is 2012 and the next one doesn't come due until 2015, Rusty Tamlyn, principal and managing director in Houston for Dallas-based Trammell Crow Co., tells GlobeSt.com. "The average remaining lease term is 9.5 years," adds Tamlyn, who, with TCC vice president Ralph Tullier brokered the sale of the properties in Houston, Arlington, TX and Napa, CA.
Though the sales price was not released, local sources say the portfolio, mostly 15-year-old buildings, is valued at $15 million to $30 million. In Houston, the properties are a 57,798-sf office building at 11302 Tanner Rd., leased to Aqua Services Corp., and 20,000-sf warehouse at 5151 Tacoma Dr., occupied by United Rentals. The buildings are appraised at $3.51 million by Harris County. The portfolio also includes a 20,640-sf warehouse at 3401 E. Park Row Dr. in Arlington, which is leased to Ingersoll-Rand Co., and a 19,968-sf industrial building in Napa Valley Business Park at the intersection of state highways 29 and 12.
Tamlyn says nine offers were on the table for the portfolio, with several investors interested in one-off deals. He says the Houston seller previously had dealt with Milan executive Stacey Davis and felt comfortable about the closing odds. "We knew they had the equity plus they were willing to pay off the existing loans and get new financing," Tamlyn adds.
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