Pat Pollan Sr., vice president for Houston-based Yancey-Hausman Commercial Real Estate Services, says Glazier opted to pursue a sale-leaseback for 11303 Antoine Dr. because it needed to expand. "Their growth has been phenomenal over the past three or four years and they have commitments that required more space," the seller's broker says. He adds that the food distribution company decided to put its resources into its core business rather than real estate, which is what prompted the sale.
Glazier Foods' management has signed an 18-year lease with several renewal options at market rate. In the area, comparable industrial space is leasing for $5 per sf to $7 per sf.
Pollan tells GlobeSt.com that the office/warehouse, situated on 33 acres, attracted a mix of buyers, including several national industrial REITs. The property went through a bid process and a best and final before locally based GSL came out the winner.
The expansion will include 60,000 sf of freezer space. Pollan says the job is being permitted now. Construction should begin in July or August. "They want to be in that space no later than a year from now," he says.
GE Capital Corp. of Norwalk, CT provided financing for the acquisition and expansion of the facility. Yancey-Hausman senior associate Jackie Ritchie was Pollan's partner for the deal. GSL's acquisitions director John Wilson and principals Welcome Wilson Sr. and Welcome Wilson Jr. handled the buy side.
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