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HOUSTON-Working an all-cash offer, a local company has paid close to the $395,000 ask for a 10,625-sf warehouse in the northwest sector after a 15-month run on the market with two brokerage houses.

“We had some interest, but by far this was the best offer that was there,” John Ferruzzo, principal and industrial division leader for NAI Houston, tells GlobeSt.com about the takedown by Malone & Silvey Properties LLC of 13510 Ralph Culver Rd. Seller TuneUp Masters Inc. put the three-acre property up for sale at least 15 months ago when it moved the warehouse and distribution operations for its vehicle service centers to Grand Prairie near the Dallas headquarters, but held tight to 15 retail locations in Houston, Ferruzzo explains.

The new owner is a single-asset entity for Spring Bolt & Nut Mfg. Ferruzzo says the plan is to upgrade the electrical system in the 20-year-old building and use it as a manufacturing location. “It’s tough to find a building that size with that kind of acreage,” he says about the asset’s chief selling point.

Ferruzzo and NAI associate Travis Land represented the seller of an asset assessed at $210,370 by Harris County. Troy Collin and Clay Pritchett, both with the locally based Yancey-Hausman Commercial Real Estate, worked the buy side of the transaction.

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