Northmarq investment sales brokers Zach Harris, Senior Vice President, and Mark Grossman, Associate, completed the sale of a single-tenant industrial outdoor storage property leased to H&E Equipment Services, one of the largest integrated equipment services companies in the U.S. The 27,211-square-foot facility is located at 509 FM 359 in Brookshire, Texas. Harris and Grossman represented the seller, a private investor based in Nevada. A Texas-based developer acquired the asset for approximately $5.6 million.
“This was a very successful transaction for all parties involved. The seller achieved their desired proceeds, within a few basis points of ask,” said Grossman. “For the buyer, it was a great opportunity to acquire an industrial outdoor storage property leased to a top equipment rental company on a long-term lease with CPI-based rental increases in their home market.”
The building is situated on 5.22 acres, providing a large yard for storing equipment for rental and sale. The facility is located just off Interstate 10 in a strong and growing industrial submarket on the western side of the Houston MSA. The property was built in 1980 and renovated for the tenant in 2014.
“Our team has had success specializing in the industrial outdoor storage (IOS) and industrial service facility (ISF) asset category,” added Grossman. “This transaction represents another successful closing in this arena and demonstrates the continued demand in the marketplace for strong operators in the IOS/ISF sector.”