The 85%-leased asset at 4803-4815 Bissonnet St. in Bellaire wason the market four weeks before going under contract to one of thenine offers on the table, Brad Bailey in the Houston office ofMarcus & Millichap tells GlobeSt.com.

Seller Texas Pacific Properties of Houston owned the propertydebt-free for many years, according to Bailey, who adds that thegoing-forward plan calls for a 1031 Exchange to pick up anotherHouston-area retail asset.

Bailey says the buyer of record, Lenox Hill Holdings, is gettinga value-add opportunity in rent and occupancy. The average rent isless than $10 per sf, which he says is 5% to 10% below the marketaverage. Meanwhile, the leases expire in two to four years. Thatcoupled with a 15% vacancy creates opportunity to increase income,he says. Radio Shack and Charlie's Bar-B-Q headline the tenantroster.