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HOUSTON-A 1031 exchange investor from Los Angeles has purchased a 111,000-sf office/warehouse, assuming a loan to get the deed.

Adams O’Connell Inc. bought 8017 Pinemont Dr. from Hempstead D.C. Partners Ltd. of Washington, DC. The property, built in 1999, was “pretty close to the asking price” of $5.1 million, according to John Feruzzo with NAI Houston who, with Joel Michael, represented the buyer in the transaction. The sellers represented themselves in the sale of the 100%-leased building.

“This was on the market for awhile. And it was a tricky transaction because the buyers had to assume a loan that was already in place,” Feruzzo says.

Feruzzo tells GlobeSt.com that Adams O’Connell purchased the property both for its income stream and because it was part of a 1031 exchange from a property in California. “They can’t get the same cap rates in California that they do here in Texas,” he adds.

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