Houston, Texas has become an extremely popular city throughout the past ten years. Many professionals have relocated to the area because of the increasing number of prosperous business opportunities.
In several parts of the country the real estate industry has been experiencing a slump. There are a few exceptions to this though, Houston being one of the rare exceptions. The city of Houston, Texas is thriving with profitable commercial real estate ventures.
There was recent news of an $11.5 million dollar sale of an industrial complex in the city of Houston, Texas. This prime Houston industrial space consists of five expansive buildings.
The industrial complex was sold by the West Ten Development LP. This valuable piece of Houston commercial real estate is located along Barker Springs Road in the city.
The sale was part of a 1031 exchange with a company known as InSite Commercial Real Estate. The industrial complex was sold for $45.50 per square-foot or an impressive grand total of $11.5 million dollars.
The industrial complex contains five buildings, situated on seventy acres of land. The industrial center has an occupancy rate of ninety-three percent.
This complex is known as the Park Ten Service Center. The five buildings range in size from eighteen thousand square feet to one-hundred thousand square feet.
The sale of the Park Ten Service Center was big news for the Houston commercial real estate market which proves to be vibrant and strong. Both the buyer and the seller were represented by Jeffrey Barbles