"JMG Developers has targeted this property for development of apartments, townhomes, and retail, which creates the ability to attract complementary uses to this very desirable submarket of Houston," Michael Palmer, vice president in CB Richard Ellis Inc.'s Houston office industrial division, said in a press release. The shuttered industrial building sits at 3910 Washington Ave.
Palmer and Larry McWherter, CBRE first vice president in Houston, represented JMG Developers in the purchase. Trinity's negotiator was Rusty McDearman, an independent broker from Dallas. The selling price is being kept under wraps, but Harris County's assessments on the multiple parcels total about $3.9 million.
JMG, which didn't return telephone calls for comment on the plans, no doubt is looking to capitalize on the popularity of infill redevelopment properties in the area. Aside from the new residential developments, the area is home to a 30-story high-rise at 3333 Allen Parkway and a Federal Reserve Bank regional facility that's now under construction.
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