James E. Foreman, Sandra F. Harris and Beau Kaleel, all with theHouston office of Cushman & Wakefield of Texas Inc.,represented the seller, Old Republic Exchange Facilitator Co.Foreman tells GlobeSt.com that the 42-year-old building on ahalf-acre tract was on the market about a year and received fouroffers. He says the seller plans to use the funds from the sale ina 1031 Exchange to buy a retail property.
According to Foreman, the seller decided to put the property onthe market because the lease is set to expire for the building'ssole tenant, a records imaging firm. The plan, he confides, is tomove or downsize.
Foreman says the new owner will put one of its businesses intoat least half of the building. The property, assessed at $766,100,has a fenced-in parking area with 40 regular spaces and fivemetered spots.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
