Two Steps to a New Crane Served Facility

by Michael Boyd on October 28th, 2008

I recently completed a two-part commercial real estate transaction for Energy Steel Products, which was looking for a little different facility in Northwest Houston. The unique aspect was they were looking for cranes, and crane-served buildings are very much in short supply in Houston’s commercial real estate market today. After our search for crane-served facilities produced no existing buildings, we determined that they would have to acquire a site and build their own building with multiple cranes and lots of concrete parking. The next phase of the project was the disposition of their current facility. Given the high demand of crane-served properties in Houston’s commercial real estate market, I recommended they put the facility on the market. Within less than 30 days, we had three offers and entered into a bid process. We ended up selling the facility for more than the asking price and negotiating a leaseback at a below market rental rate.

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