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.

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