Houston Industrial Development One LP Leases 22000 Square Feet To Stacey Supply Corp In Pasadena
2915 Pasadena BLVD, Pasadena, TX, 7...
Building Size
22,000 SF
Asset Type
Industrial
Closing
Nov 19, 2023
AI
The property asset involved in this transaction is a 22,000-square-foot industrial space located at 2915 Pasadena Boulevard, situated on 1.5 acres in the Pasadena market area. The property was developed on a speculative basis.
Summary of transaction details:
- Property Type: Industrial Lease
- Transaction Amount: Not disclosed
- Address: 2915 Pasadena BLVD, Pasadena, TX
- Landlord: Houston Industrial Development One LP
- Landlord's Representative: Clay Pritchett - NAI Capital
- Tenant: Stacey Supply Corp
- Tenant's Representative: Sarah Hoffman - NAI Partners
- Square Feet: 22,000
Clay Pritchett of NAI Partners represented the landlord in the lease negotiations, while Sarah Hoffman, also from NAI Partners, represented the machinery manufacturer Stacey Supply Corp as the tenant in this transaction.
Players
Pasadena Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93