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STAFFORD, TX-Rreef Funds LLC has unloaded its final asset in the area, a 21.5-acre parcel in the 200-acre Freeport Southwest Business Center.

Clay Development & Construction Inc. plans to divvy the land, situated at the intersection of Promenade and Cash roads, into build-to-suit sites. The first 10 acres have been sold to HL Technologies Inc., which plans to raise a 60,000-sf flex building. "This'll break ground sometime in the second quarter 2006 and should be completed seven to eight months after that," Robert Clay, owner of the local development company, tells GlobeSt.com. HL Technologies, a manufacturer of marine and underwater products, now has its operations at 4755 Alpine Dr. in Sugar Land.

Clay says the remaining 10.5 acres is being parceled into tracts, sized to hold 20,000-sf to 40,000-sf buildings. "We've already got two or three deals done and we'll be closing on those within the next few months," Clay says.

Rusty Tamlyn with Trammell Crow Co. in Houston represented the San Francisco-based Rreef in the disposition, which included the sale earlier this year of 250,000 sf in several buildings that were bought by Weingarten Realty Trust. Although the final price isn't being disclosed, comparable land in the area goes for $2 per sf to $2.50 per sf, according to Tamlyn. Based on comparable land prices, Clay would have paid roughly $1.8 million to $2.3 million for the acreage.

Clay says overall the land play clearly has been a sound investment. "This is one of the last remaining tracts of land in the Freeport Park," he says. "I believe it's the best industrial park out there in the Sugar Land-Stafford area."

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GlobeSt.com EXCLUSIVE: Rreef Sheds Last Asset in Region

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