HOUSTON-A small retail building in northwest Houston has been sold in an all-cash deal to a local investor for just north of the $350,000 asking price.

Tranphan Investment Inc. of Houston bought the 6,000-sf asset at 11663 Jones Rd. from Allison Wen, also from Houston. Gloria Parrino with Houston’s Betz Commercial Brokerage Inc. tells GlobeSt.com that Wen was selling his only commercial real estate asset because “he is not really in the real estate business.”

The retail building never made it to market although there were three contracts that fell out before it sold. Each time a deal cratered, Parrino says she would be contacted by another interested buyer.

There was one vacancy at sale time, but a florist has since been signed, according to Parrino. A local dry cleaners and passport photo shop occupy the balance of the 26-year-old asset, positioned on a half acre. Jim Huy Luong of Hometeq Real Estate of Houston represented the seller.

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?


NOT FOR REPRINT

© 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.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

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 © 2024 ALM Global, LLC. All Rights Reserved.