January 18, 2018
Richland Cos., headquartered in Houston, bought the 74,462-square-foot 8100 Westpark, situated in Oil City’s outer loop submarket. Seller Big Houston SW LLC, a name traced to Brennan Investment Group of Rosemont, IL, disposed of the asset for an undisclosed price. The property is appraised at $3.1 million.
The 100%-leased flex-industrial building sits on 3.9 acres at 8100 Westpark Dr., and is in a high-barrier-to-entry area. The property is 100% leased to three tenants: Hoffer Furniture, Pak Man Supply and DragoArt Tattoo Supply. The new owner is planning upgrades to the asset, including a new roof and outside lighting, a new irritation system, electrical upgrades and exterior painting.
The 1970s-built property is Richland Cos.’ 15th in Houston, and the first of five planned acquisitions for 2018. The company is also planning to enter the Colorado market, and is targeting Boulder, Colorado Springs and Denver.
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