Silver Star Properties REIT, Inc. (Silver Star Properties) announces the disposition of its industrial warehouse facility located at 2300 Quitman St. in Houston, Texas. The property was sold to a nationally focused real estate development and investment platform.
The 734,000-square-foot property was initially purchased by Silver Star Properties in 1998. Built in 1920, the property has experienced many uses because of its proximity to Downtown Houston and the Port of Houston. It’s easy access to Houston’s major freeways, also noting it a primely located facility. It has played an important role in the Company’s industrial portfolio with much of its rental revenue generated from its anchor tenants, Liberty Tire Recycling, LLC and Sunbelt Warehouse, LLC.
As the sale was marketed, and at the discretion of the buyer, the value-add facility and its property have the potential for redevelopment or tenant lease continuations as the property is fully occupied.
“This opportunistic disposition moves us one step closer to our new direction of focusing our future investments in the self-storage asset class and maximizing shareholder value over the long-term.” commented David Wheeler, Chief Investment Officer at Silver Star Properties.