Seller Quality Infusion Care Inc. plans to master lease the building, which is situated on 2.14 acres at 6671 Southwest Freeway. Preston Shatto, an investment specialist in Marcus & Millichap Real Estate Investment Services' Houston office, says the deal was attractive for the buyer because it promised a good return. "The tenant didn't need to be in the real estate business," adds Shatto who worked with Marcus & Millichap's Monte Lowery on behalf of the buyer.
Shatto tells GlobeSt.com that when Quality had acquired the building in 2005 for $11 million, it had been 30% occupied. As of the recent closing, the seller had letters of intent committing to more than 90% of the space. "Quality Infusion will be there for awhile too, with room to expand," Shatto says.
The building was renovated in 2006 to make room for multiple tenants. Shatto says the new owner won't need to make capital investments or upgrades, as the seller has inked a long-term, triple net lease, and is still in control of the building through its master lease.
In addition to Quality Infusion, other businesses coming on board at the 23-year-old building will include a day surgery center, a sleep disorder center and physicians offices. David Greenberg with locally based Greenberg & Co. represented the seller.
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