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CHANNELVIEW, TX-One year after leasing a 47,000-sf industrial site, Deep Down Inc. has made the move to buy. The tenant, now owner, acquired 15473 E. Freeway in the Channelview section of southeast Houston from IXL Ltd., a locally based investment group.

The brokers were mum about the selling price, but the asking price for the 25-year-old-plus property was about $1.3 million. The sellers acquired the building in 1999. It is assessed at $801,080, according to Harris County Appraisal District.

L. Michael Wallace and Michael J. Taetz, both of the Houston office of Colliers International, represented both parties in the transaction. Taetz tells GlobeSt.com that Deep Down wanted to own its building for some time. The low interest rates pushed the plan to reality. He says the firm also tailored the building to its needs so the purchase ensures the improvements stay with the company.

The manufacturing facility is positioned on 4.9 acres, ample room for outdoor storage of Deep Down’s equipment. The firm provides installation management, engineering and services to the sub-sea controls, umbilicals and pipeline industries. Deep Down maintains fabrication and hydraulic shops in the building plus stores related equipment for its customers.

According to statistics published by the Houston office of Grubb Ellis Co., southeast Houston has about 50 million sf of industrial product, of which more than three million sf are vacant. The area is bringing in 22 cents per sf to 38 cents per sf for warehouse space.

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