Colliers facilitates sale of a ±48,500-square-foot industrial facility in Tomball, Texas

Colliers is pleased to announce the sale of a ±48,500-square-foot industrial facility situated on ±7.27 acres at 915 South Cherry Street in Tomball, Texas. The buyer, Dixon Capital LLC, represented themselves. The seller, JPL Ventures South Cherry LLC, was represented by Tom Condon Jr. of Colliers.

“My client is an investor that acquired the property in a sale/leaseback. That tenant defaulted on the lease early in the leaseback period and vacated, and left behind significant deferred maintenance issues. Liquidation of the equipment and operational clean-up also took considerably longer than expected," said Tom Condon Jr. of Colliers. “The marketing challenge evolved into needing to identify an All Cash buyer that was willing and able to close quickly. Fortunately for my client, our efforts identified several potential buyers. Dixon Capital rose to the top and closed within 2 weeks of contract escrow.”

The property is a manufacturing facility with a central industrial location in Tomball. Outside storage and excess land area provide the ability to expand operations for the new owner.

The property is located in Houston's North Freeway/Tomball Parkway industrial submarket, which encompasses 40.1 million square feet of industrial space with a current occupancy rate of 91.8%. In the second quarter, the submarket reported net absorption of 427,392 square feet and leasing activity totaling 427,727 square feet. Industrial expansion in the area is robust, with 15 properties under construction, adding 1.2 million square feet to the market, and four properties recently completed, contributing an additional 254,536 square feet. The submarket currently offers an average asking rental rate of $10.10 per square foot.