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SUGAR LAND, TX-Houston-based Wilcox Investments LP has paid close to $1 million for a vacant health-care facility in Sugar Land to Comerica Bank-Texas, which has been trying to sell the asset for nearly two years.

Drew Lewis in the Houston office of NAI Partners Commercial tells GlobeSt.com that Henley Healthcare vacated the 24,870-sf industrial building and a 47,500-sf warehouse about six months after they were put up for sale. The new owner is an oilfield services company.

Lewis says the new owner, who chose to buy instead of build, plans to upgrade the buildings at 120 and 140 Industrial Blvd. The smaller building is half office while the warehouse has about 6,000 sf of office area.

Lewis, who says he doesn’t have all the details, knows the property at one time was collateral for a loan with Comerica Bank-Texas. He and William D. Swanson, also in NAI Partners’ Houston office, represented the seller.

The two buildings are situated across the street from a class A office building owned by Granite Properties and close to the Sugar Land Business Park. Lewis says property values in the area have dramatically improved in recent years to make the acreage at the former Henley facility more valuable than the existing improvements.

Mike Bennett of Mike Bennett Properties in Houston represented Wilcox Investments. Bennett declined comment on the acquisition. Lewis says Bennett brought several would-be buyers to the table for the facility, which attracted five offers during the two years it was on the market.

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