James Foreman in the Houston office of Cushman & Wakefield of Texas Inc. tells GlobeSt.com that the county bought the property at 700 N. San Jacinto St. for its strategic positioning in the criminal justice network. The tract abuts 600 N. San Jacinto St., which houses one correctional facility, and is a half mile from another at 301 San Jacinto St. There are several district courts housed at 301 Fannin and 1201 Franklin streets, within a quarter-mile radius.

Foreman says the long-range plan is to use the site as an intake or processing center for the city and county prison systems, possibly in a joint venture project. Foreman says the long-range plans are tentative, but the county took advantage of the immediate opportunity to snatch up the property. Harris County Appraisal District assesses the value at $4.3 million.

The 74-year-old building was sold by Iron Mountain Information Management Inc., a Houston-based records management operation. The property was on the market at least six months, garnering several offers, while Iron Mountain drafted a plan to shift the operation into another of its owned buildings in town. Iron Mountain moved out just before the deal closed, Foreman says. In addition to Foreman, the Cushman & Wakefield team included Beau Kaleel, David Cook and Jeff Peden.

Foreman says industrial investment sales in Houston have been strong due to investors, with capital to spend, seeing more stability in the product than what office has to offer.