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HOUSTON-A Baton Rouge, LA equipment company has closed a sale/leaseback of its 16,000-sf building in Houston’s far southwest submarket in a deal with a locally based electrical contractor that provides one year for a new building to rise and the buyer’s lease to expire.

Chris Caudill with the Houston office of NAI Partners Commercial represented the buyer, Diamond M Holdings, which got a three-acre holding at 100 Fellows Rd. near the Sam Houston Tollway. He tells GlobeSt.com that the sale/leaseback is perfect because his client still has one year remaining on a leased site near the downtown and seller H&E Equipment has a year to go before its new building is finished. The asset sold for close to the $450,000 asking price.

Caudill says the buyer looked for several months in the southwest sector for a property to purchase. The H&E asset had been on the market just a few days when they placed the contract.

Jack Butera of Brown, Butera & MacDougall in Houston represented the seller. The Harris County Appraisal District has tacked a $323,930 assessment on the property.

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