The development plan for the intersection of Texas 3 and FM 1959 is still speculative, but the dirt most likely will be turned into medical office space, possibly with a retail component, Rob Stillwell with Grubb & Ellis Co. in Houston office tells GlobeSt.com. The local buyer of record is MK Clear Lake Properties LLC.
"This has a close proximity to the Clear Lake Medical area and there's a lot of residential development going on around it," says Stillwell, who represented the seller, Dr. Randhir Sinha. "That drove a large number of inquiries into the property during the time it was being marketed." And, a location near the entrance of Ellington Field also stimulated interest, he adds.
The buyer, which was self-represented, beat out other competitive offers for the property. It was listed at $2.2 million or about $5.90 per sf. "Basically, the seller was comfortable with the buyer's medical development experience and the medical use for the land," Stillwell says. "He had the original land as an investment and he felt it was a good time to sell."
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