As of today, we have successfully completed the sale of our esteemed building, The Texas Real Estate Investment Center. Though the establishment will remain under the stewardship, and day to day management, of the original partners, both Rob and I have decided to embark on new journeys.
**So, what prompted this decision?**
Three pivotal reasons stand out:
1. Business Expansion in 2024:We’re gearing up to expand our construction company and introduce a retail HVAC enterprise. This means we need more warehouse space for materials and warranty claims. Given the limited space at our current location, we had to decide: either move all our ventures to a different location or lease a light industrial space for expansion.
2. Private Investor Club: Initially when the building was purchased, Rob and I dreamt of establishing a private club on the ground floor. This space would cater to VIP events and larger public gatherings, using both the club and the adjacent parking lot. However, over the last few months, our partners envisioned the Center more as an educational hub than a social network. To maintain harmony and understanding, we decided it best to either buy out our partners or have them buy us out.
3. Launching a New Venture: I’m on the brink of introducing a new company whose products will be available by the second quarter. These products necessitate a bonded warehouse, and our current location lacks the adequate space for such requirements.
Considering these factors, we executed the buy-sell agreement, often referred to as “push-pull.” Our partners chose to buy Rob and me out. By the time you’re reading this, we’ll have secured a lease in Spring Branch, I-10, and the Belt – a space twice as large and with the added bonus of an on-site BBQ restaurant!
What does this change mean for our stakeholders?
Rest assured, we remain committed to delivering top-tier educational events. Our new location features a classroom and a sizable conference room. Starting this September, join us for a weekly BBQ lunch at the neighboring restaurant.
Rob and I are also scouting for another property, preferably on the west side. If you have leads, do reach out.
Lastly, a heartfelt thanks to Russell and Carter. Partnering with them has been incredibly rewarding. The insights and mentoring I’ve gained from them will indelibly influence my trajectory in commercial real estate. For those scouting for space in Houston’s premier real estate center, get in touch with Russell at firstname.lastname@example.org.