"The property had been in their family since the 1950s.It was developed by the grandfather and run by the father, but they decided it was time to get out of their real estate holdings," says Andrew Lockwood, vice president with Grubb & Ellis Co. in Houston. The vacant asset at 2413 Avenue K was marketed at $2.5 million. Blaylock sold other smaller holdings, also in Galena Park, some time ago.
Situated on 5.3 acres, the building originally was occupied by Texas Mill Supply & Manufacturing Inc., which was bought in 2000 by Wilson Industries Inc.
Lockwood tells GlobeSt.com that Wilson Industries expanded the building on an as-need basis over the years. "Sometime in early 2007, Wilson found a new location to consolidate its operations and they vacated the building later in the year," he adds. Wilson Industries signed a 450,000-sf lease to consolidate its operations at the 900,000-sf Underwood I distribution facility at 359 Old Underwood Rd. in nearby LaPorte.
Lockwood says the marketing began while Wilson Industries was still the tenant. Once the building was vacated, he says activity picked up, with the private buyer getting it due to his competitive bid. "Jay [Cook] is an investor who's going to reposition the property," the broker says. "He'll begin making some improvements and leasing it out." The buyer was represented by Eric Hughes with the National Realty Group in Houston.
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