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HOUSTON-Beltway Medical Properties Inc. has exchanged its ownership status for that of tenant with a sale-leaseback transaction of the 10,614-sf Beltway Medical Plaza to a private investor from Lafayette, LA. The office building came to market for $1.2 million.

Beltway Medical is the sole occupant of 10101 Bissonnet St. via a series of general partnerships. “The seller is expanding his business throughout Texas and is opening other offices in Houston, San Antonio and Austin,” says Ross Cannizaro, investment specialist of Marcus & Millichap Real Estate Investment Brokerage Co. in Houston. The seller’s broker says additional capital was needed to fuel the expansion, which was why the property was offered for sale.

Cannizaro tells GlobeSt.com that, due to the complex nature of the sale-leaseback, the property was on the market four months and attracted three offers during that time. “We accepted the buyer, based on the fact he was an exchange buyer, and he had enough money down to get the loan,” Cannizaro says, adding that the closing price was quite close to the list price for the first-time Houston buyer.

Cannizaro says he doesn’t foresee any improvements or renovations to the 2001-constructed building as a result of the sale. “This is a stable asset. I think he bought it for the steady stream of income,” he adds. Lewis Walker of ReMax/Woodlands & Spring represented the buyer in the transaction.

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