Deal Represents Third-Largest Manufacturing Sale of 2019 by Square Feet
January 29, 2020
Houston – Transwestern Commercial Services (TCS) today announces it negotiated the sale of 9700 W. Gulf Bank, a 245,319-square-foot manufacturing building located in Brookhollow West Business Park. The sale of 9700 W. Gulf Bank was the third-largest manufacturing sale of 2019 by square footage. TCS Managing Director Nick Peterson and Executive Managing Director John Ferruzzo represented the seller, NIP Owner I LLC, in the transaction. Earhart Chenault LLC acquired the property for an undisclosed amount.
“This was a rare opportunity for the buyer to acquire a large, fully air-conditioned manufacturing property in the heart of Northwest Houston,” said Peterson. “The sale included an additional 8.6 acres to accommodate future expansion.”
According to Transwestern’s Fourth-Quarter Industrial Report, vacancy for the manufacturing sector remained the lowest of all property types. It ended the year at 2.3% for both direct vacancy and overall vacancy, down from 2.4% and 2.6% over the quarter, respectively. Direct vacancy for warehouse/distribution space increased to 6.7% from a rate of 6.2% last quarter, while overall vacancy reached 7% from 6.7% in the third quarter.
Stephen Kuper and Preston Yaggi of Lee and Associates represented the buyer.
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Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.