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HOUSTON-A local businessman has signed a three-year lease with an option to purchase a 17,800-sf office building owned by a manufacturer of wire hangers and dry cleaning supplies in a small industrial area on the southeast corner of the city.

According to Travis Land, who along with John Ferruzzo of NAI Houston, represented owner Navisa Inc., the single-story office building at 5722 Plainview Dr. is a class C, 1980s-era building. Businessman John Waters signed a lease for 22 cents per sf gross while the purchase price of the property is “slightly below the ask price of $410,000,” says Land, an NAI associate.

“Because of time constraints, the buyer had to sign a lease and we put in an option for purchase there,” Land tells GlobeSt.com. “Any time within the first six months of the lease, they can exercise the purchase option.” However, he adds, it’s Waters’ “full intention to buy it.”

Land adds that Navisa, which used to occupy the space, no longer needed the building. Conrad Bernard of Boyd Commercial LLC in Houston represented Waters on the deal.

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