X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Two local businessmen have bought a two-story, 23,000-sf combination office/lab facility along Almeda Road.

Doug Bates of Henry S. Miller Commercial in Houston represented the seller, Chemtura Corp. in Middlebury, CT. Jeff Trevino of the Michael Group, also in Houston, represented Brian and Royal Long, who will use the 7.5-acre site at 13200 Almeda Rd. for their own business.

Bates tells GlobeSt.com that the buyers purchased the property for well under the appraised value of $1 million. “They got a super deal on that,” he says.

According to Bates, the property was on the market for two years due to environmental issues that were ultimately worked through. “It was one of those deals in which they had a lot of reports issued on the site, then those reports got lost, then they had to redo all the testing again,” Bates tells GlobeSt.com. “That whole thing took a year, mainly because [the seller] didn’t have the documents.”

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.