The owners of Glazier Foods Company, a Houston based foodservice distributor, have sold their 286,000 square foot Class A headquarters and distribution facility in a triple-net sale/leaseback deal with GSL Welcome Group, LLC of Houston, Texas, which includes a $14 million expansion. GSL Fund 21 GF Sub E, LLC, closed on the property on June 16, 2008.
Glazier Foods Company, founded in Houston in 1936, is a family-owned leader in the food industry. The company constructed its state-of-the art headquarters and distribution facility in 2005 and plans a 160,000 square foot expansion of the freezer/dry storage areas that will bring the total square footage of the facility to 446,000 square feet.
“GSL is excited to join with Glazier Foods Company in the expansion of an already modern facility.” said GSL President Welcome Wilson, Jr. “GSL’s acquisition portfolio is comprised of companies that want to increase returns, manage facility risk and create capital to invest in their businesses by having GSL Welcome purchase their existing facilities and lease them back to the company. This type of arrangement can boost the company bottom line.”
GE Capital provided financing for the acquisition and funding for the $14,000,000 expansion of the facility. Construction has already begun and is expected to be completed within 12 months.
In the 3rd quarter of 2007, Glazier Foods Company selected Yancey-Hausman Commercial Real Estate Services to market the sale of the owner’s 33 ± acre distribution facility that is located at 11303 Antoine Drive, just north of the North Sam Houston Parkway in Houston, Texas.
“Jackie Ritchie and I conducted an extensive national bid process resulting in numerous industrial REITS making offers on the property.” said Yancey-Hausman Senior Vice President Pat Pollan. “This was a great opportunity for GSL to acquire a high quality asset in an excellent location with long term, stable cash flow and excellent prospects for long-term value appreciation.”
Yancey-Hausman is a full-service commercial real estate company providing services for office, industrial, retail and land projects. The company’s spectrum of real estate services includes project leasing, tenant representation, property management, development services, property acquisitions, investment sales and research. Whether working with institutions, corporate users or individual investors, Y-H tailors its comprehensive services to suit and enhance each specific project. Established in 1971, the firm currently has more than 60 employees in offices in Houston and Austin. For further information on Yancey-Hausman, phone 713-462-8802 (Houston) or 512-480-9800 (Austin) or visit www.yancey-hausman.com on the Web.
GSL Welcome Group is a Houston-based real estate development company which owns over 75 single tenant facilities in metropolitan Houston. GSL not only acquires properties such as Glazier, but also develops single tenant build-to-suit facilities, such as medical laboratories, food distribution centers, manufacturing facilities, office and warehouse facilities. Please visit www.gslwelcome.com for more information.
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