(Read more on the industrial market.)
BAYTOWN, TX-Land totaling 403 acres on the west side of townchanged hands between two Houston investors, with the buyerplanning to hold the acreage for awhile before making plans. Thoughthe price was kept under wraps because of confidentialityagreements, area sources note that land in that quadrant of themarket can sell for between $10,000 and $15,000 per acre.
Scott Davis, VP with CB Richard Ellis' Houston office, says theland provided an ideal investment for buyer Fuller Thompson TenLtd. because it fronts Interstate 10, while being close to theHouston ship channel. Davis, who represented the buyer in thetransaction, also pointed out that there is a rail line adjacent tothe land. The buyer and seller Burnet Bay, Ltd. are bothpartnerships that have other holdings throughout the Houstonarea.
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