Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-An oil field equipment supplier has acquired a four-building, 24,500-sf industrial complex in north Houston, with plans to pump upward of $100,000 into renovations.

Richard Finnerman of NAI Partners Commercial in Houston represented buyer, Stabil Drill, and seller, Bill Eubank. Stabil will relocate from its existing warehouse in the Houston suburb of Pearland.

Stabil Drill is a subsidiary of New Orleans-based Superior Energy Services Inc. Stabil, which rents oil field drilling equipment, has five locations in Texas, Louisiana and Mississippi. Stabil recently took over a competing Houston business and will pull that team into the new buy at 608 W. Richey Rd., Finnerman tells GlobeSt.com.

Finnerman says Eubank, affiliated with various companies in Texas and Oklahoma, deemed the Richey Road building as surplus, prompting the decision to sell. Crane-served facilities such as Richey Road are extremely popular with industrial property buyers, explains Finnerman. The complex, built in the late 1970s to early 1980s, consists of a 16,000-sf main structure and three smaller buildings plus some raw land, which is ideal for outside storage. Richey Road has a hook height of 20 feet and center height of 25 feet.

A confidentiality agreement keeps the sales price under wraps, but the property carried an asking price of nearly $750,000. Finnerman says the holding primarily needs cosmetic upgrades, but pegs Stabil’s rehabilitation plan at upward of $100,000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.