Colliers is pleased to announce the sale of 1314 West Sam Houston Parkway in Houston, Texas, a 64,846 square foot industrial building located along Beltway 8. Critical Rental Solutions occupies the building under a long-term Net Lease. Todd Moore of Colliers represented the seller in the transaction.
The single tenant building features include elevated clear heights, heavy crane capacity, and recently underwent some significant upgrades, including a new roof and upgraded power. The location was a big driver on the interest level for this asset, with excellent visibility along Beltway 8 frontage just north of Interstate 10.
Critical Rental Solutions is a provider of oil-free air and temperature control equipment rentals. With products like oil-free compressors, chillers, cooling towers and heat exchangers they deliver specialized equipment to their clients in helping their businesses run more efficiently.
"We are pleased to have generated multiple offers on the property which gave the seller the ability to select a buyer based on a combination of price, terms and ability to close," said Principal, Todd Moore of Colliers. "We ultimately closed the transaction with a 1031 Exchange buyer who paid all cash at 97% of the asking price. They were the ideal buyer, because they moved quickly with added certainty of execution, which all sellers desire in a transaction. It was a great transaction for all parties. The seller hit their target price, and the buyer secured a very well-located asset with a long-term lease in place."
The property is located in Houston's Northwest Inner Loop industrial submarket, the second largest submarket containing over 60 million square feet of industrial and flex space. The submarket is 92% occupied and has an average quoted lease rate is $7.38/SF.