Doug Nicholson of Grubb & Ellis Co.'s Houston office tells GlobeSt.com that the sale represents half of 3M's acreage in the area. The $16-billion diversified technology company, headquartered in St. Paul, is holding onto the balance.
The acquired land abuts the Four Seasons Business Park. George Polk of Polk Real Estate represented the buyer. He cited a confidentiality agreement and declined comment about Four Seasons' plans, existing and new.
Nicholson, a longtime industrial broker, says the market overall is doing OK despite the tales of woe. Deals are still getting done and absorption is still taking place. "I am not going to buy a new Rolls Royce," he quips, "but I am comfortable making the payments on my current car.
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