Matthews™ represented an institutional fund on the off-market acquisition of 3214 Pasadena Freeway, a value-add industrial property in the Port of Houston. When the Matthews™ agents brought this deal to their client, the site was tied up with a lease at less that half of market. By tackling the lease structure head-on and aggressively hitting the market for new tenants, the agents were able to reposition the property, land a credit tenant, and deliver returns that far outperformed expectations.

 

Approach

Terminate the Lease

While still under contract, the agents went straight to the tenant and negotiated a clean termination of the master lease, opening the door to bring the site to market.

Sell the Story

The yard was unpaved, and the building was dated, but location and functionality were advantageous. The agents made sure prospects saw what it could be, not what it is.

Push the Market

The agents hit the phone, knocked on doors, ran targeted email campaigns, and had credit tenants touring the property within days. The goal was simple: drive activity and create competition to keep leverage on the seller’s side.

 

Execution

Even before closing, the agents were already touring tenants on site. The activity kept building, and by sticking to their terms, the agents maintained pressure until the right deal was on the table. Less than four months after acquisition, the Matthews™ agents secured a credit tenant expanding operations in Houston after opening a new office in town.

 

Working with Matthews™ was a great experience. They brought an off-market deal at a solid price-point and helped us secure a long-term lease with a credit tenant. We are looking forward to working with them again soon.

–Bo Ricks, Axis Partners

 

Takeaways

This deal was one that portrayed why persistence matters in brokerage. What started as a complicated lease turned into a huge win for a client, and an experience the agents will carry with them moving forward. It showed how creativity, hustle, and the right strategy can take a deal from under-market to setting the market.