Ingrasys Technology USA Inc., a subsidiary of Hon Hai Precision Industry Co. Ltd., has acquired a commercial property in Houston, Texas, for $142 million.
The acquisition includes multiple parcels of land at 8702, 8710, 8718, and 8726 Fairbanks North Houston Rd. The site covers 86.34 acres and features a building with a total area of 1,011,521 square feet.
According to the company, the purchase aligns with its operational requirements. The deal was approved by Ingrasys Technology’s board on the same day it was finalized, with the price determined based on market conditions.
Independent appraisals were conducted by Newmark Valuation & Advisory and MBLane & Associates, Inc. The property’s valuation ranged from $136.2 million to $143.53 million, with assessments provided by professional appraisers Ernest Wolf, Sara Payne, Michael B. Lane, and Lee Doehring.
The transaction was completed without broker involvement, eliminating brokerage fees. Additional costs, including escrow fees, taxes, and insurance, will be settled based on actual expenses incurred. Ingrasys Technology confirmed that no restrictive covenants were attached to the contract, and payment terms were not publicly disclosed.
The company also stated that no related parties were involved in the deal, and there were no dissenting opinions from its directors. Furthermore, the property had not been held by any related entities within the past five years.
The acquisition reflects Ingrasys Technology USA’s expansion strategy as it continues to strengthen its presence in the region. The company has not disclosed specific plans for the property but noted that the purchase supports its operational goals.
This information is based on an official statement and has been shared via RNS, the news service of the London Stock Exchange.
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By Proptechbuzz
By Ravi Kumar