A large-box vacant retail building in North Houston was struggling after its longtime tenant, Floor & Decor, decided to exit its lease.
Floor & Decor had leased the 109,000-square-foot freestanding building at 17211 North Freeway for about a decade. The national flooring supply retailer vacated the space when the property's owners were tied up in court litigation, prompting a new marketing strategy.
The property was sold about a week before going into foreclosure last year to United Commerce Centers/New World International. The new owner plans to use the property as a major shipping and logistics hub for its business.
The deal has been selected as the winner of the 2025 CoStar Impact Award for sale of the year in Houston, as judged by a local team of real estate professionals familiar with the market.
About the project: The new owner's plans are expected to help further establish the Interstate 45 area as a hybrid between industrial and retail space.
What the judges said: “This successful sale of the vacant Floor & Decor building on I-45 demonstrates the ability to overcome significant challenges, including tenant vacating, multiple failed contracts, and legal hurdles, while achieving a strong sales price and securing a new owner who will utilize the property for a valuable logistics hub and contribute positively to the surrounding community,” said Ariel Guerrero, regional lead for innovation and insights at Avison Young.
They made it happen: Evan Altemus, who formerly was with Partners but is now with Cushman & Wakefield, brokered the deal for the sellers.