The land was purchased from Canyonlands Partners I Ltd., a Houston-based developer. Tom Condon Jr., senior vice president with Betz Commercial Brokerage Inc. in Houston, represented Canyonlands and general partner Randall C. Tuller. Condon tells GlobeSt.com that this is the last acreage in the Canyonlands area.
Bill Rowell was the in-house representative for his company, Yancey-Hausman. Tom Hamilton of Alamo Title Co. coordinated the closing on the property, while project financing was provided by Frost National Bank.
Rowell says a 17,000-sf, high-quality, neighborhood shopping center is planned for the land. Ground will break in spring 2002 in anticipation of a late summer opening. Rowell says the center is 50% pre-leased.
The tract is across the street from a new Humble Independent School District middle school and positioned in a vibrant area for single-family development, including Terrabrook Development's Cinco Ranch.
Rowell says the area is underserved with retail. That and a 50,000 per day vehicle count make the project site a solid venture. "Retail is always driven by residential and traffic," he says. "You put the two together and you've got a winner.
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