The buyer of record, Underwood 23 LP, has paid just south of the $2.5-million ask for land located near Underwood and St. Augustine streets. "Right now, we're in the middle of 'spec-ing' out what we're going to do for the buildings, what type of measurements, clearance height and so on," says the buyer's broker, Jay Jenckes of Grubb & Ellis Co. Alix Fox with Qualified Properties of nearby Pasadena represented the seller, 1234 Underwood LLC of Houston.
Jenckes, who will be handling preleasing and presales for the park, tells GlobeSt.com that all-in construction costs will run from $35 per sf to $40 per sf. The park's build-out, like its name, has yet to be determined. However, he says, "we're looking at these buildings to come on line early net year."
Jenckes says the development is aimed at providing quality space for small business owners. "We're not interested in competing with the bigger guys in that area," he adds. "We have our own niche here that we're trying to fill."
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