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."