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HOUSTON-A local window blind and floor covering business in the southwest area of the city has paid close to $3 million for an 82,136-sf industrial building that was foreclosed upon a year ago. The property was one of the first Home Depot locations here.

Lender Merrill Lynch Business Financial Services Inc. in Chicago seized the building from a silk screening, imprinting and embroidery business, which bought the 6.3-acre asset at 7110 Bellerive Dr. from Home Depot in 1997. Home Depot developed the site in 1985.

Shortly after Merrill Lynch got the deed, it took the asset to market, seeking slightly less than $3 million. “There were a number of contracts on the property,” Bill Heavin with the local office of Grubb & Ellis Co. tells GlobeSt.com. But, each time the contracts fell out due to a plethora of reasons. The Harris County Appraisal District has levied a proposed 2003 assessment of about $3.4 million on the property.

Locally based Wholesaler Gulf Coast Window Coverings picked up the ball and scored the close. Randy Wiggins of Houston RA Wiggins & Associates, who bargained for the buyer, says the wholesaler has occupied several buildings at 5211 Lillian Dr. since 1976. The acquisition, he explains, gives Gulf Coast an “opportunity to consolidate all of their operations under one roof” as well as provide an excellent location, which is near US Highway 59 and Bellaire Boulevard. Gulf Coast supplies trade designers and dealers with Hunter Douglas window coverings. In addition to Heavin, the Grubb & Ellis team brokering for the seller included Keith Lloyd and Matthew Herring.

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