The Client:
A Houston-based technology company which operated its business from the building, but which ultimately outgrew it.
The Challenge:
To dispose of an empty 12,000 SF flex building and 1 acre of undeveloped land located in the North Outer Loop industrial submarket. While the facility was in good condition and had received various improvements over the years, a high office to warehouse ratio narrowed its appeal to a specific type of user. The property had not flooded in the 15 years since the owner had purchased it because of improvements made, but the stigma of being in the 100-year flood plain remained.
Services Provided:
• Market comparables & building valuations
• Comprehensive marketing strategy to reach potential investors and users
• Cold calls to neighboring tenants and owners
• Calls to brokers to educate on quality of building
• Guided all property tours with potential buyers
• Negotiations and closing
The Result:
Despite its unique layout, location in the 100-year flood plain and listing the property throughout the significant downturn caused by the COVID-19 pandemic, our team effectively generated interest in the property and closed the sale within twelve (12) months after listing it on the market.