The League City pad site was carved from a larger tract owned by Clear Lake Fourteen Ltd. of Houston. Dan F. Boyles of the Houston office of NAI Partners Commercial and Tom Bell of Houston-based Reliant Commercial represented the bank for the purchase. The duo's not discussing the selling price, but the Galveston County Appraisal District assesses the property at $160,133 per acre. Edward Pennington of Pennington Co. in Houston represented the seller.
Boyles tells GlobeSt.com that the branch to be built will range from 3,500 sf to 4,000 sf and replace a nearby location in a strip center. He says Coastal Banc was interested in moving to a freestanding building with better visibility. The FM 518 parcel, he adds, had the best visibility of the several tracts Coastal considered. The construction schedule also was unavailable by publication time.
Boyles says the bank is looking for six to eight more tracts to acquire in the next 24 months, with three properties ready to go under contract. The bank, which has $2.6 billion in assets and $1.7 billion in deposits, currently operates 17 branches in Greater Houston.
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