HOUSTON - Baker Katz LLC has joined the flock of commercial developers scooping up valuable assets at a fraction of their appraised cost.
The retail brokerage purchased a 40,000-sf property containing a 12,000-sf building at 1805 Ella Blvd. for roughly half of the property's 2015 listed value.
A purchase price wasn't disclosed but the building was appraised at $786,399 in 2015, according to Harris County Appraisal District records.
The building's sole tenant is Houston-based Foodarama.
Foodarama has at least five years remaining on its lease.
The property is in Timbergrove, a subdivision slightly northwest of the Heights and the Rice Military area.
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