HOUSTON-A 22-month marketing period has ended for the former headquarters of Reliability Inc., with the 128,391-sf vintage building selling to a local investor for $4.15 million. The 1980s-era office/warehouse was the former headquarters for Reliability Inc.
Michael Hill, managing partner with Michael Hill Properties in Houston, believes the lag time between the building's introduction to the market and the closing was due to the initial ask of $7 million, particularly since it had generated a fair amount of interest from would-be buyers. "This building was in good shape and was occupied by Reliability until just recently," says Hill, who teamed with Marc Emde to represent the seller of 16400 Park Row.
Another brokerage company listed the property in September 2004. Hill tells GlobeSt.com that last fall FFC Equity Holdings LP, a partnership sponsored by Caldwell Watson Real Estate Group of Houston, placed a contract for more than $5 million, but the deal fell out of escrow. That's when Fuller Realty Partners LLC and Eastbourne Investments Ltd. of Williamsville, NY stepped up to the plate.
Hill says Fuller Realty's ability to close was one reason why it ended up with the deal. The other reason, he says, was that the self-represented buyer came up with a good price.
Fuller Realty has begun renovations on the building, planning to offer it for lease on a multi-tenant basis. Two months ago, a Fuller Realty affiliate bought the 235,000-sf Baker Hughes building at 3900 Essex.
Reliability, which supplies test and burn equipment to global semiconductor companies, has relocated its headquarters to an eight-year-old, 112,056-sf building at 15720 Park Row, which it is leasing. Hill says the closing of its services division and other financial difficulties prompted the downsizing.
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