Tazz Enterprise Purchases 88492 SF Property From Unknown REIT With Seller's Reps From Colliers International
19820 Hempstead Hwy, Houston, TX...
Building Size
88,492 SF
Asset Type
Retail
Closing
Jan 16, 2020
AI
The property involved in this transaction is an 88,492-square-foot retail building located at 19820 Hempstead Hwy in Houston, TX. This building was formerly occupied by Gander Mountain and is situated within the Houston market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Square Footage: 88,492
- Address: 19820 Hempstead Hwy, Houston, TX
- Buyer: Tazz Enterprise
- Seller: Unknown REIT
- Seller's Representatives: Ace Schlameus-Colliers International, Jenny Seckinger-Colliers International
- Buyer's Representative: Zac Hoffer-The Retail Connection
The key individuals involved in the deal include Kimberly Lenardson and Robert Hantgan, who are also representatives from Colliers International, ensuring representation for the undisclosed seller in the transaction. The buyer, Tazz Enterprise, a local investment firm, plans to convert the retail building into a multi-level entertainment center.
Players
Houston Retail Market Snapshot
Boundary boundary · Retail · Sale 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