Most likely, the hard corner will be used to expand the firm's parking lot at the corner of Lexington and Texas streets. But, the deeper motive is it ensures no one will build beside its offices, Rick Hopwood with Houston-based PM Realty Group tells GlobeSt.com.
"This is to protect development around their other asset," he stresses. And, he adds, the timing was right on target. "Amazingly enough, there ended up being another offer. We prevailed and they added to their block," he says.
With land at a premium near the Downtown, comps show that the per sf cost is up to $15 to $20. The 1100 Texas St. acquisition's price is being kept under wraps.
Hopwood teamed with Fillmore's Brian Williams to negotiate the acquisition. Huck Newberry with the Newberry Co. in Fort Worth represented the local seller, Davestates Inc., which has owned the site since 1987.
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