Led by Dr. Kenneth Hollis of Clear Lake, the group will build a50,000-sf to 60,000-sf medical complex, Naveen Jaggi in the Houstonoffice of CB Richard Ellis Inc. tells GlobeSt.com. The developmentsite takes up the southwest corner of Medical Center Boulevard andKobayashi Drive, which has a Webster address but is considered partof the Clear Lake Medical Center District.

Jaggi, the deal's sole broker, says the doctors paid close to$1.2-million asking price, which breaks down to $5.95 per sf.Columbia Business Park Ventures of Houston was the seller, whichhad intended to develop the acreage. Jaggi says a change in thebusiness plan brought the parcel to market about a year ago, butthere was very little activity until a few months preceding theclosing. Then, he found himself holding two firm offers, one ofwhich was from the physicians' group.

Jaggi predicts the ground will break before year's end. Heestimates it will take six to nine months to complete theproject.

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