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Mechanical Contractor Acquires Offices at Deep Discount
DAUM Commercial Real Estate Services completed the sale of a 104,734 square-foot Class A office property in Cypress to Murray Company, a leading mechanical contractor. Located at 5995 Plaza Dr., the building traded for $19 million.
EVPs Danielle Knudson and Christopher Migliori at DAUM represented the buyer. CBRE’s Tom Sheets and Quint Carroll represented the seller.
As owner/occupier, Murray Company purchased the property at an estimated 30-35% of replacement value. Murray expects to occupy most of the building for its corporate offices, with more than 250 employees eventually working out of the new office. A slate of improvements is planned.
“The overall office market continues to navigate challenges due to the post-pandemic declines in tenant interest, sales volume, lease rates and absorption,” said Migliori. “The discount in price for the office building offered a great opportunity to purchase a new location for the seasoned mechanical contractor.”
- ◦Sale/Acquisition
