Conroe, TX – Harbor Capital announces an exciting update regarding the property at 80 N FM 3083 in Conroe, TX, under investment through Norwegian Sea Holdco LLC.
Harbor Capital has successfully executed a five-year lease agreement with Precision Glass Industries for the entire asset. Precision Glass Industries, a financially robust company with no long-term debt, selected the property due to its suitability for its long-term operational needs. To attract Precision Glass Industries as a tenant, Harbor Capital offered concessions in the early term of the lease, with incremental rate bumps throughout the term.
Harbor Capital is confident that the quality of the tenant and the favorable lease terms compensate for any early-term revenue reduction due to the prolonged vacancy.
Despite higher interest rates compared to the asset’s purchase in October of the previous year, Harbor Capital anticipates maintaining a competitive sales price due to the quality of the tenant and the portfolio’s nature. However, they remain open to holding onto the asset for long-term cash flow if a high-priced offer is not secured, with the intention to sell when interest rates decrease in the future.