X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?

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.