STAFFORD, TX-A Houston-based wholesaler of healthcare products has spent close to $3.4 million for an 80,030-sf office/warehouse as a consolidation location for the South Texas workforce and part of the Miami team.

The Palm Tree Group, now leasing an office in the Medical Center, bought 12701 Directors Dr. in the Corporate Business Park in Stafford from the Simpkins Group of Houston, which flipped the 6.7-acre property after a seven-month hold. Rob Bryant, Simpkins’ executive vice president, says the property was on the market for lease or sale with a $3.4-million ask. The preference, he says, was to find a tenant since the property was bought as an investment. But then, several sales offers were placed. Palm Tree’s was the highest, he says.

Palm Tree will move in June 25, exiting a leased headquarters office in Houston’s Medical Center and downsizing a Miami office to a two- to four-member sales team. Pam Wedow, a vice president of Palm Tree subsidiary, Invatec, says 38 employees–six from Miami–will be relocated to the just-bought office/warehouse. In all, the operation is picking up about 20% more space, she says.

In a press release, Mark Wallis, Palm Tree president and CEO, says move to Fort Bend County will save in excess of $100,000 annually in inventory property taxes. The Directors Drive building, constructed in 1994, was built as a regional distribution facility for Makita USA Inc., which vacated the region in December 2003 and sold the holding to Simpkins.


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.

 

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.