Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Locally based GSL Investments, in its active pursuit of industrial properties for long-term investment, has just purchased a 53,750-sf office/warehouse situated on 2.2 acres in Houston’s northeast corridor.

Howard Castleberry, GSL’s executive vice president and principal, tells GlobeSt.com that the property at 9111 Glesby St. fits the criteria of the single-tenant office/warehouses that GSL favors when it goes to buy. The building is in good condition, in a good location and has a good tenant with a long-term lease.

The 9111 Glesby St. building is fully leased to Insta/Bulk, a Houston-based company that specializes in lining sea containers with sterile, germ-free plastic for the transportation of grains and other semi-perishables.

Seller Strohmer Symphony acquired the building in the mid-1990s, according to B. Kelley Parker of the Houston office of Cushman & Wakefield of Texas Inc. Parker, who represented the seller, says Strohmer Symphony is getting rid of its real estate holdings. He’s not talking about the selling price, but the building was marketed at $1.5 million. James E. Foreman, also with C&W’s Houston office. brokered the acquisition for GSL.

The building is located in Gulf Port Industrial Park. The structure was built in two phases, beginning in 1977. According to Harris County tax records, the property’s 2002 assessment is slightly more than $1 million.

In 4 1/2 years, GSL has acquired 1.5 million sf in 40 buildings. Castleberry says today’s market is perfect for buying so the firm is aggressively pursuing additional industrial acquisitions. He says his firm will continue to expand its portfolio as long as market conditions hold up.

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


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.