Jose Rueda's buy will be used for future development along Grant Road, situated between Perry and Jones roads near FM 1960 and Texas 249. Norman J. Barfield, trustee, Kenneth J. Douglas and BL Building Co. Inc. are the sellers.
Beaver-Fraser Corp. has purchased 2 1/2 acres to construct an owner-occupied office building on Block 1 Reserve "A" of Willowbrook Mall. Beaver-Fraser purchased the property from Safan Enterprises Corp.
The acreage are located in the FM 1960 submarket, which boasts 4.2 million sf of office space. The submarket currently has a vacancy rate of 13.3% with 77,000 sf under construction. Lease rates in the FM 1960 area are approximately $20 per sf for class A properties. These numbers may be affected in the near future with the Compaq Corp./Hewlett Packard Co. merger as Compaq's corporate headquarters are in close proximity to the submarket.
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