[OFARC] Oak Forest Masonic Lodge Sold

[MLandress]

Matt Wurth, I Cycle Bike Shop, Houston, Texas 

"We're buying our own historic building after renting since 2006," Wurth
said. "It's the Oak Forest Masonic Lodge, built in 1962. It's right on the
White Oak Bayou bike path and includes two acres of forested land. We're
planning lots of community cycling events there.

"Our best year before COVID, we grossed $1 million. Our best COVID year, we
broke $2 million and we're projecting $1.6 million this year. Our lease was
about to expire and the rent was about to double, which got me shopping with
my COVID bonanza. I saw a "For Sale" sign on the Masonic Lodge a mile from
my house before the pandemic, $1.2 million. Oh my God, I can't do that. Then
March 2020 came, and it all seemed possible.

"I called the seller and it was already under contract to someone who wanted
to cut down the old-growth oak forest and build condos. I was second in line
and when the condo deal fell through, I got it for the 3-year old price. Our
mortgage payment is less than the rent we were paying."

Originally posted 8-22-22

 

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