HOUSTON-A Miami investor with 1031 exchange money to spend had paid close to $3.2 million for a 232,000-sf warehouse in the southern part of the city.

LIN Indrio Inc., which owns other industrial buildings in the market, acquired the 1970s-era facility at 750 Almeda Genoa Rd. from Larry & Linda Womack of Houston. According to the Harris County Appraisal District, the property is assessed at $4.1 million.

Situated on 8.5 acres, the office/warehouse was used by the Womacks for their business, Dura Rack Inc., which has manufactured shelving and pallet racks since 2000. The real estate went up for sale when the couple decided to shut down the business, according to Chris Caudill, a senior associate with NAI Houston. He, John Ferruzzo and Joel Michael represented the Womacks in the transaction. Jeff Barbles and Rob Chandler with Marcus & Millichap Real Estate Investment Brokerage Co. in Houston negotiated for the buyer.

Caudill tells GlobeSt.com that the warehouse sat on the market about a year before LIN Indrio took an interest in it. The new owner plans to make some cosmetic improvements and lease it. The NAI Houston team of Caudill, Ferruzzo and Michael are handling the leasing for the building, which is on the market for $3 per sf.

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