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299 Gellhorn Drive

First Houston Properties Leases 18 Acres Industrial Outside Storage Yard In Houston
LEASEDIndustrial

First Houston Properties Leases 18 Acres Industrial Outside Storage Yard In Houston

299 Gellhorn Drive

Building Size

784,080 SF

Asset Type

Industrial

Closing

Mar 1, 2023

AI

First Houston Properties has recently closed a lease transaction for an industrial outside storage yard located at 299 Gellhorn Drive in Houston. The property consists of approximately 18 acres of land, providing ample space for storage and industrial activities.

Summary of transaction details

  • Property Type: Industrial Outside Storage Yard
  • Transaction Amount: Not disclosed
  • Address: 299 Gellhorn Drive
  • Market: Houston
  • Brokers: Patrick McKiernan, James Mashni & Sam Mcgurk - First Houston Properties
  • Lease Term: 18 Acres IOS Stabilized Yard Lease

This lease transaction was facilitated by the team at First Houston Properties, represented by brokers Patrick McKiernan, James Mashni, and Sam Mcgurk. They successfully negotiated the terms of the lease, securing a long-term agreement for the 18-acre industrial outside storage yard.

Players

Patrick McKiernan

First Houston Properties

Broker

$9M

vol

40 deals

Broker

Market 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