Lennar Properties sold the propertied within 90 days offoreclosing on them, says Glynn Mireles, a first vice president inHouston with CB Richard Ellis Inc., who represented both Lennar andDennis Holdings in the transaction. Mireles tells GlobeSt.com thatthe buildings "were Dennis' kind of deal" because of the propertytype and location in the North Airport submarket.
Both buildings were built in 1982. A 12,000-sf building at 16727Aldine Westfield Rd., is 100% leased to 3M Corp. while its sister,with 35,000 sf, is 100% vacant. "Dennis Holdings is primarily avalue-added buyer," Mireles says.
According to Mireles, Dennis Holdings plans to do some "modest"improvements to the vacant building to lease it up. The lease ratefor similar buildings is about $4.80 per sf.
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