X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Dennis Holdings Inc., a local industrial owner, has acquired two industrial buildings, totaling 47,000 sf, from Miami-based Lennar Properties Inc.

Lennar Properties sold the propertied within 90 days of foreclosing on them, says Glynn Mireles, a first vice president in Houston with CB Richard Ellis Inc., who represented both Lennar and Dennis Holdings in the transaction. Mireles tells GlobeSt.com that the buildings “were Dennis’ kind of deal” because of the property type and location in the North Airport submarket.

Both buildings were built in 1982. A 12,000-sf building at 16727 Aldine Westfield Rd., is 100% leased to 3M Corp. while its sister, with 35,000 sf, is 100% vacant. “Dennis Holdings is primarily a value-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 rate for similar buildings is about $4.80 per sf.

According to Harris County Appraisal District, the appraised value for the buildings is less than $1 million. Dennis Holdings obtained new financing from Wells Fargo Bank to acquire the property.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.