Although the final sales price is not being released, Jeff Pedenin the Houston office of Cushman & Wakefield of Texas Inc.confirms it sold near the asking price of $5.6 million or about$2.25 per sf. Aardex, which bought the property as Conroe Land LLC,immediately sold 22.69 acres to Loop 336 LLC, an entity created byHouston-based Cobblestone Construction Inc., for an undisclosedprice.

|

Peden was one of four C&W brokers representing theproperty's seller, the Sam Houston Area Council of Boy Scouts. Thesite was part of the organization's 2,500-acre Camp Strakerecreation area. Completion of a freeway loop had separated it fromthe main part of the camp, prompting the decision to sell, Pedentells GlobeSt.com.

|

Peden says certain property deficiencies kept it from achievingan even higher price. "It has some issues to be worked out," heexplains. "It's in a flood plain and some site work needs to bedone. It has good utilities to the site, but they need to beextended. But it's the last site as you go west from the hospitalso it's very desirable."

|

Peden says the property was on the market eight or nine monthsand received several offers, but the council wanted to find areputable and dependable buyer that would not build anythingincompatible with the scouting camp. "We could have gone in adifferent direction, but this felt like the best buyer and thegroup that would get the property closed," he says.

|

According to John Littman, another broker from C&W's Houstonoffice who worked the Aardex side of the deal, the buyer plans tobuild several medical-related facilities on a build-to-suit basis.He also represented Aardex in the sale to Cobblestone. The latterhad not returned calls at press time regarding its plans. Littmansays Conroe has been experiencing increasing commercial demand duea high level of residential growth.

|

Other C&W brokers working on the transaction were KelleyParker III, H. Frank Stanley and Jon Farris on the Aardex side forboth transactions. C&W's David Cook, Marshall Davidson andGraham Horton represented the Boy Scouts.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.