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HOUSTON-Weeks after going hard with earnest money on the 153,000-square-foot <a href="/news/934_934/houston/161702-1.html"FedEx Freight facility at Satsuma Station Industrial Park, American Realty Capital Trust Inc. closed on the asset, paying $30.9 million in the process. Meanwhile, seller PinPoint Commercial LLC is pushing toward its next venture.

The sale, which was originally scheduled to close in mid-June, was delayed because the original European lender supplying the financing was no longer in the picture. However, in its place came Amegy Bank, which turned financing around on the asset at U.S. Hwy. 290 and FM 1960 in three weeks.

“Amegy got it approved, turned it around and got it done in pretty short order,” remarks John Thompson, president of Houston-based PinPoint Commercial. “This was a great deal for Amegy, a good deal for us and a good deal for ARC.”

New York City-based American Realty Capital Trust has possession of a facility with a single tenant with a 15-year-lease plus extensions. “ARC was the perfect buyer for a deal that doesn’t have permanent financing,” Thompson tells GlobeSt.com. “It will be one of their bellweather deals. For us, it allows us to keep some powder dry, and move on to other deals.”

Those other deals could likely involve acquisition of what Thompson calls capital distressed assets. Unlike demand distressed assets, capital distressed assets are those the sellers have to unload for capital reasons.

“They have good tenants and good rents, but forced sales,” Thompson comments. He adds that the program will be formalized within the next six months.

Meanwhile, PinPoint Commercial has completed its 315,000-square-foot spec industrial building at the 115-acre Satsuma Station Industrial Park. In addition to trying to lease u[ the space, PinPoint Commercial is also marketing the remaining 40 acres for build-to-suit projects.

“We’ve fielded a number of calls recently from buyers that are users, and who want to build their own facilities,” Thompson remarks. “Users that have been sitting on the sidelines since last August have made the decision to move forward, or the ones that still have businesses are in expansion mode and can’t find the right building they’re looking for.”

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