X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-With plans for a subsidiary to occupy the building, PP&L Investments LLC has purchased a 10,800-sf office/warehouse building from local developer BR 6 Cornerstone Development.

The Durham, NC-based Product Recovery Management Inc., an environmental recovery equipment company, will store equipment in the building. “They are expanding in the Houston market,” says Darren O’Connor, an associate with NAI Houston representing PP&L.

The building, situated on less than an acre at 5213-C Tacoma Dr. in the Brittmoore Tanner Business Park, listed for $583,000, says Travis Land, an associate with NAI Houston. He and principal John Ferruzzo represented the seller in the transaction.

Land tells GlobeSt.com that the building, which was built speculatively, went under contract just days after it was listed. However, the buyer had financing issues and it fell out of contract. The Charlotte, NC-based PP&L immediately put the building under contract for the Durham subsidiary.

“There’s a lot of demand for this type of product,” Land says. “There is a lack of buildings this size in Northwest Houston.”

PP&L obtained new financing from the BB&T Co. Bank in Durham to acquire the building, which has an appraised value of $379,080, according to the Harris County Appraisal District.

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

*May exclude premium content
Already have an account?

 

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 © 2022 ALM Global, LLC. All Rights Reserved.