The buyer also owns a similar, sports-oriented business in north Houston. Tom Condon Jr. of Houston's Betz Cos. tells GlobeSt.com that the asking price was $16,000 per acre. The seller was to pay fees associated with lifting the acreage's agricultural exemptions to free it up for development, but the buyer instead assumed that responsibility to close the sale. As a result, the asking price was discounted, but Condon's mum about how much was shaved from the $16,000 per acre price tag.
Condon says there was tremendous interest from developers, primarily residential, in the seven years of marketing. The problem, he says, is the land lacked access to a drainage system and did not have water and sewer lines.
Condon isn't sure how much land will be dedicated for the sports complex. But, he does know that present development will be bringing the municipal lines closer to the property and making it ripe for other projects.
Condon represented the seller while Todd Langston of Institutional Investments in Houston handled talks for the buyer. Woodforest Bank provided the financing. Christine Belcher and Karen Highfield, both of Partners Title Co. in Houston, coordinated the closing.
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