HOUSTON-A local buyer has acquired a three-building complex with 440,000 sf on 56 acres that once housed Royal Window Coverings. Two buildings and some of the land already are under contract for immediate resale.
Industrial properties in northwest Houston have been selling for $42 per sf to $52 per sf, sometimes higher if it has a rail spur. National Realty Group Inc.'s purchase price is being kept under wraps due to the confidentiality agreement, but the 7611 Railhead Lane asset does have a rail spur. Dealmakers say the local buyer won the deal with the highest offer and certainty of close.
George Jones, first vice president with CB Richard Ellis' Houston office, tells GlobeSt.com that the three buildings and 56 acres were marketed only to a handful of select buyers due to the nature of the project. "Someone had to take apart the compound into various pieces. And, it was unlikely that just any buyer could have taken the facility as is," says Jones, who represented the Boisbriand, Quebec-headquartered seller.
Jones says the buyer's game plan is to lease or sell the structures and the land. "They have two of the buildings under contract for sale and a lot of interest in the third one," he adds. "Some of the portions of land are under contract too." He says that the majority of the complex is less than 15 years old, with the final building completed in the mid-1990s.
The buyer had in-house broker Steve Adkisson as its negotiator. And, the company's in-house real estate arm will handle marketing and re-sales.
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