X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A Los Angeles-based investment group has sold has sold the 200,000-sf, eight building Wayside Business Center in southeast Houston to a local investor as both work through 1031 Exchanges.

The seller of record, Houston Wayside Business Center Ltd., disposed of 4300-4565 S. Wayside as the first leg of the exchange, Alexander G. Reilly with the Houston office of Boyd Page tells GlobeSt.com. He says the sellers now are looking for another property to buy in Houston. Buyer Dan Wainberg of Houston is turning around proceeds from a land sale along FM 288 in North Houston.

Reilly and Boyd Page’s David M. Boyd represented the seller. Karen Stumbough, an independent Houston-based broker represented the buyer. Reilly says the property was on the market for about a year before it reached the closing table. The property was marketed at nearly $4.3 million and sold for pretty close to that, he says.

Reilly says the upside lies in boosting the 80% occupancy of the eight-building complex, which he describes as a good value. Existing leases have terms of three to five years, with the rollover evenly spaced over the next decade, according to Reilly.

The eight buildings range from 25,000 sf to 35, 000 sf. The package includes a dock-high warehouse, a semi-dock warehouse and six grade-level warehouses.

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 2022Event

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

Get More Information
 

GlobeSt

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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.