Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A division of San Antonio-based Tesoro Petroleum Corp. has stuck a sale/leaseback with a local church that took not one, but two assets owned by the oil and gas firm in southeast Houston.

The Centro Evangelico Christiano Church bought four buildings, totaling 27,864 sf, on 10 acres at 9420 Telephone Rd. and 9426 Telephone Rd. Cushman & Wakefield of Texas Inc.’s Scott Wegmann, B. Kelley Parker III, John F. Littman and H. Frank Stanley were hired about a year ago to hawk 9426 Telephone Rd., a 7.3-acre tract with a warehouse and small office building, totaling 15,600 sf. The holding, labeled as surplus real estate, was on the market 11 months at a list price of $575,000.

Littman tells GlobeSt.com that the asset gained the interest of “a few parties” during the lengthy marketing, but then church officials stepped up with an offer to buy it and an abutting 1.9 acres with two buildings totaling 12,264 sf, still being used by Tesoro. At the end of the day, both assets traded and Tesoro got a one-year sale/leaseback with extension options for the smaller property, says Anibal Alvarado of AAA Realty in Houston, who represented the church in the negotiations. According to the Harris County Appraisal District, the properties’ combined assessments are $683,120.

Alvarado says church leaders were looking for a relocation site for two months when they found the Tesoro property. The sale/leaseback opportunity made the purchase financially attractive, he says, noting the existing church at 4923 Rusk St., about 10 miles to the northwest, will be put up for sale. Build-out has started and is slated for completion in three to six months.

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.