Colliers is pleased to announce the sale leaseback of Dynamic Glass Industrial Park, a 160,778 square foot complex, located at 9419 Windfern Road and 9320 Zaka Road in Houston, Texas. The buyer, Gordon Creekside, was represented by TCI Properties out of California. David L. Carter and John Nicholson of Colliers represented the seller in the transaction.
"We took advantage of our strong financial performance and low interest rates to maximize the value of our real estate holdings," said Chief Financial Officer, Scott Coulter of Dynamic Glass. "This transaction allowed us to continue to utilize this important part of our operation for many years to come as well as delivered capital to repay outstanding debt, fund growth investments and provide liquidity to our shareholders. This transaction was a win all around."
Dynamic Glass executed a 15-year market rent lease with the buyer upon closing. The property is a 4-building industrial complex situated on ±9 acres with frontage on Windfern Road. The complex allows excellent access to West Sam Houston Parkway and all other major thoroughfares.
The property is located in the Highway 290/Tomball Parkway industrial submarket. The submarket added 3.2 million square feet of new industrial/flex product and absorbed 1.6 million square feet in 2020.
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Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
