FRIENDSWOOD, TX. - The Mishra Group completed the disposition and divestment of three adjoined parcels in Houston to TSJP Investments, a group of private investors based out of the Clear Lake area. The Mishra Group purchased the parcels in 2015 from Dunsmore Holdings LLC, a United Kingdom-based company. Of the three parcels, one is retail-oriented (6,400 SF) with frontage facing Telephone Road, while the remaining two parcels (43,711 SF) are industrial-oriented along Joplin Street. The ability to capitalize on the Telephone Road frontage with retail space while still having a majority of industrial space was one of the initial attractions The Mishra Group had for the Property many years ago.
Having invested in significant capital improvements through the course of the ownership and management of the Property, The Mishra Group was able to ink a return on the investment which the team plans to place elsewhere in property more local to The Mishra Group's Friendswood office. In that approximate five years of ownership and management, The Mishra Group procured a variety of long-term, stable and internet-resistant tenants offering a rather certain amount of credit to the Property in an area that frequently sees high turnover and vacancy.
In a comment regarding the disposition of the asset, Shiv Mishra, who handled the transaction, noted "[we] are very excited to have sold this property to a group of investors who will be hands-on in the management and operation of the property and will continue developing long-lasting relationships with the tenants we procured. For my father, Vijay, it's fulfilling knowing that a property will stay in good hands and that the tenants he put in won't be stuck with a bad landlord after the sale."
With respect to the timing of the disposition, Mishra further added "[we] felt it was the right time to part with this project. With the ongoing pandemic, we determined that our attention would be better served toward new deals. Furthermore, the properties we invest in today are in contrast to properties we purchased several years ago, like this one. Ideally, we like to keep our portfolio consistent with our current-day investment criteria."
Further, The Mishra Group enjoyed working with the Buyer and their broker, Jeremy Roberts of Veekay Commercial, in completing this transaction and welcome the opportunity to work with them on future deals.
About The Mishra Group
The Mishra Group owns, manages, and leases commercial real estate throughout Houston and surrounding cities, having acquired and operated over one million square feet of retail, office, and warehouse space. Since its inception, the company has completed over $200 million in real estate transactions and is based out of Friendswood, Texas. The Mishra Group is led by President and Managing Principal Vijay Mishra, an experienced investor, and developer with over 23 years of experience in the industry. For more information about the company or Vijay Mishra, please visit the company website at themishragroup.com.