INDUSTRIAL
- 10310 Harwin
- Boise Cascade
- Hughes Tool Company
- Sandvik Coromant
- United Stationers Supply Company
- Wallisville 610 Business Park
- Sherwin-Williams Co.
INVESTMENT
- First Industrial Real Estate Trust
- Hughes Tool Company
OFFICE
- Merit Behavioral Care Corporation
- DXP - Peoples Choice TV
INDUSTRIAL
10310
Harwin
When an out-of-town investor came looking for a large industrial "turnaround opportunity," Boyd Commercial brokers Mike Boyd and David Boyd identified several possibilities, one of which a 311,000-square-foot distribution center with substantial deferred maintenance and some functional obsolescence. The property, formerly occupied by the Toyota Parts Distribution Center and vacant for several years, was solid but inadequate in terms of dock/loading facilities and parking space. The Boyd Commercial brokers negotiated an attractive purchase price for an "all-cash, quick-closing" transaction, then represented the new owner, leasing the property to 100 percent occupancy in less than 12 months at rental rates in excess of the pro forma. They then represented the owner, selling the property to a local investor.
When an out-of-town investor came looking for a large industrial "turnaround opportunity," Boyd Commercial brokers Mike Boyd and David Boyd identified several possibilities, one of which a 311,000-square-foot distribution center with substantial deferred maintenance and some functional obsolescence. The property, formerly occupied by the Toyota Parts Distribution Center and vacant for several years, was solid but inadequate in terms of dock/loading facilities and parking space. The Boyd Commercial brokers negotiated an attractive purchase price for an "all-cash, quick-closing" transaction, then represented the new owner, leasing the property to 100 percent occupancy in less than 12 months at rental rates in excess of the pro forma. They then represented the owner, selling the property to a local investor.
Boise
Cascade Corporation
Boyd Commercial's representation of Boise Cascade Corporation dates from the mid 1980's when the firm was selected to represent their Building Materials Division, marketing four retail building material centers, two vacant land sites and a 112,000 square foot distribution center. This successful relationship led to Mike Boyd representing their Office Products Group in multiple lease transactions including the lease of an 110,000 square foot distribution center. The tilt wall facility, developed by ProLogis, is located in West X Northwest Industrial Park.
Boyd Commercial's representation of Boise Cascade Corporation dates from the mid 1980's when the firm was selected to represent their Building Materials Division, marketing four retail building material centers, two vacant land sites and a 112,000 square foot distribution center. This successful relationship led to Mike Boyd representing their Office Products Group in multiple lease transactions including the lease of an 110,000 square foot distribution center. The tilt wall facility, developed by ProLogis, is located in West X Northwest Industrial Park.
Hughes
Tool Company
When Hughes Tool Company moved to a new facility in The Woodlands, it left vacant a 1.3 million-square-foot manufacturing facility in dire need of renovation. Baker Hughes took on the challenge, updating the manufacturing, office and warehouse space at significant cost. Leased to 100 percent occupancy by Boyd Commercial broker Conrad Bernard, the new Central City Industrial Park is now home to 10 different companies with 1,500 employees. The 230,000-square-foot office building was sold to the State of Texas and is now occupied by the General Services Administration along with several other state agencies. The winners: Baker Hughes, whose property is once again viable-and profitable-and the surrounding middle- to low-income neighborhood, which has undergone a revitalization, thanks to Baker-Hughes and Conrad.
When Hughes Tool Company moved to a new facility in The Woodlands, it left vacant a 1.3 million-square-foot manufacturing facility in dire need of renovation. Baker Hughes took on the challenge, updating the manufacturing, office and warehouse space at significant cost. Leased to 100 percent occupancy by Boyd Commercial broker Conrad Bernard, the new Central City Industrial Park is now home to 10 different companies with 1,500 employees. The 230,000-square-foot office building was sold to the State of Texas and is now occupied by the General Services Administration along with several other state agencies. The winners: Baker Hughes, whose property is once again viable-and profitable-and the surrounding middle- to low-income neighborhood, which has undergone a revitalization, thanks to Baker-Hughes and Conrad.
Sandvik
Coromant
Sandvik Coromant had outgrown their existing facility and needed to either expand or relocate their manufacturing operations. Boyd Commercial's Clay Peeples assisted Sandvik in evaluating all of the alternatives, finally settling on the purchase of a 10 acre tract of land in the Freeport Southwest Business Park and a new "design/build" facility constructed by The Midway Companies. Clay assisted them in receiving incentives from various taxing authorities. In addition, Clay arranged for the sale of their existing 19,000 square foot building which closed just after Sandvik vacated the premises.
Sandvik Coromant had outgrown their existing facility and needed to either expand or relocate their manufacturing operations. Boyd Commercial's Clay Peeples assisted Sandvik in evaluating all of the alternatives, finally settling on the purchase of a 10 acre tract of land in the Freeport Southwest Business Park and a new "design/build" facility constructed by The Midway Companies. Clay assisted them in receiving incentives from various taxing authorities. In addition, Clay arranged for the sale of their existing 19,000 square foot building which closed just after Sandvik vacated the premises.
United
Stationers Supply Company
Over the past 8 years, United Stationers Supply Company saw the business handled by its Houston regional distribution center increase significantly. As they out grew their 95,000 sf facility, they began to look at expansion alternatives. Mike Boyd assisted United in locating additional warehouse space until they had a total of over 200,000 sf in 4 facilities. In 1998, Mike represented United in the negotiation of a 10 year lease on a new 240,000 sf distribution center located in Northwest Place Business Park. The consolidation into the new 30 foot clear height facility constructed by the Simpkins Group will result in significant operational savings for United.
Over the past 8 years, United Stationers Supply Company saw the business handled by its Houston regional distribution center increase significantly. As they out grew their 95,000 sf facility, they began to look at expansion alternatives. Mike Boyd assisted United in locating additional warehouse space until they had a total of over 200,000 sf in 4 facilities. In 1998, Mike represented United in the negotiation of a 10 year lease on a new 240,000 sf distribution center located in Northwest Place Business Park. The consolidation into the new 30 foot clear height facility constructed by the Simpkins Group will result in significant operational savings for United.
Wallisville-610 Business Park
The 200,000 square foot Wallisville-610 Business Park was suffering from absentee ownership and deferred maintenance when Boyd Commercial took over the assignment to lease and / or sell the property. After some progress was made on the leasing front, the property was sold to Ablah Enterprises which immediately commenced refurbishing the project. Mike Boyd and David Boyd soon brought occupancy to 100% and represented Ablah in the sale of the property to an investment group for a substantial profit.
Sherwin-Williams Co.
The Sherwin-Williams Co. had two real estate requirements when they came to Boyd Commercial for help. First, they needed site selection services for the relocation of their West Houston Automotive Finishes Division. Secondly, they wanted expert assistance in negotiating a lease renewal at their existing main branch location inside Loop 610 or, if unsuccessful at that, identifying an acceptable replacement location.
Alexander Reilly, CCIM filled both requirements by identifying a site for Sherwin-Williams’ new West Houston location in Southwest Business Park, and negotiating a long-term renewal of their main branch at a rental rate 50% below the Landlord’s demands.
Jeff Light, manager of Corporate Real Estate for Sherwin Williams Co., said, “I have been very pleased with the service and professionalism [Boyd Commercial], and [its] support team, have provided over the course of these projects. Of equal importance, I have been very satisfied with the results we achieved with [Boyd Commercial’s] assistance.”
INVESTMENT
First
Industrial Real Estate Investment Trust
First Industrial Real Estate Investment Trust was in the midst of a major national acquisition program when it first visited Houston in 1996. Mike Boyd and Conrad Bernard of Boyd Page were selected to make a confidential review of the market as well as approach owners of major industrial portfolios regarding potential sales. In 1997 these efforts paid off with First Industrial's acquisition of a 4.5 million square foot, $138 million package of industrial buildings. This transaction was recognized by the Society of Industrial and Office Realtors in 1998 as the winner of the Largest Investment Transaction Award. In 1998, Mike and Conrad teamed up again to sell the 1.6 million square foot National Realty portfolio of office warehouse properties to a joint venture between First Industrial and Carlyle for a price in excess of $53 million.
First Industrial Real Estate Investment Trust was in the midst of a major national acquisition program when it first visited Houston in 1996. Mike Boyd and Conrad Bernard of Boyd Page were selected to make a confidential review of the market as well as approach owners of major industrial portfolios regarding potential sales. In 1997 these efforts paid off with First Industrial's acquisition of a 4.5 million square foot, $138 million package of industrial buildings. This transaction was recognized by the Society of Industrial and Office Realtors in 1998 as the winner of the Largest Investment Transaction Award. In 1998, Mike and Conrad teamed up again to sell the 1.6 million square foot National Realty portfolio of office warehouse properties to a joint venture between First Industrial and Carlyle for a price in excess of $53 million.
OFFICE
Merit
Behavioral Care Corporation
Merit Behavioral Care Corporation had outgrown its office space and the building which they occupied had no room to handle their expansion. Clay Peeples was contacted to assist Merit in looking at the various alternatives available in the Galleria and Greenway Plaza market areas. Once Clay understood Merit's requirements and financial goals, he prepared a complete market survey outlining suitable alternatives. A 21,200 sf space at 24 Greenway Plaza was exactly what Merit was looking for. Clay negotiated the terms of the lease agreement, worked with the space planners and arranged for a smooth transition into the new space.
Merit Behavioral Care Corporation had outgrown its office space and the building which they occupied had no room to handle their expansion. Clay Peeples was contacted to assist Merit in looking at the various alternatives available in the Galleria and Greenway Plaza market areas. Once Clay understood Merit's requirements and financial goals, he prepared a complete market survey outlining suitable alternatives. A 21,200 sf space at 24 Greenway Plaza was exactly what Merit was looking for. Clay negotiated the terms of the lease agreement, worked with the space planners and arranged for a smooth transition into the new space.
DXP
- Peoples Choice TV
David Boyd was called in by Peoples Choice TV to handle the disposition of a 49,000 sf office building which served as their Houston Regional Headquarters. At the same time, Clay Peeples and Conrad Bernard were working with DXP to relocate their corporate headquarters. DXP toured the Peoples Choice building and found that it would handle their immediate need as well as future expansion requirements. A deal was negotiated and closed 60 days later resulting in two satisfied Boyd Page clients.
David Boyd was called in by Peoples Choice TV to handle the disposition of a 49,000 sf office building which served as their Houston Regional Headquarters. At the same time, Clay Peeples and Conrad Bernard were working with DXP to relocate their corporate headquarters. DXP toured the Peoples Choice building and found that it would handle their immediate need as well as future expansion requirements. A deal was negotiated and closed 60 days later resulting in two satisfied Boyd Page clients.
