Bill Byrd and Robert S. Parsley, both of the Houston office of Colliers International, represent Imperial Sugar in the disposition. Parsley tells GlobeSt.com that the buyer, Katmor Realty Two Ltd. plans to develop residential projects on the acreage. Parsley was mum on the sales price, but he says the asking price was in the neighborhood of $450,000. Donnie Chang of ABC Realty Advisors represented the buyer.

Imperial Sugar will use the proceeds to reduce debt, a strategy being employed across the board as more corporations unload non-core assets to help strengthen themselves in the tight economic times.

Imperial Sugar's "to go" list for Texas also includes a few acres of commercial acreage in Sugar Land, about seven acres in Arlington's Great Southwest Industrial Park and 1,402 agricultural acres in Hereford, TX. The Sugar Land commercial acreage houses a 4,860-sf office building while the Hereford location has a manufacturing plant.

Outside Texas borders, Imperial Sugar is seeking buyers for 850 acres of agricultural and industrial acres in Woodland, CA; 1,120 acres in Tracy, CA, also carrying agricultural and industrial zoning; 14 industrial acres in Visalia, CA; 4.2 industrial acres in St. Louis, MO; and 30 industrial acres in Savannah, GA. The St. Louis property includes 53,127 sf of masonry buildings.

Parsley confides that one California property and the St. Louis holding are under contract. He also reveals that the high interest among would-be buyers have several other holdings in at various stages of negotiation.