The tract is between Grand Parkway and FM 1464, with 3,850 feetof frontage along Grand Parkway on the west, 1,150 feet along FM1464 on the east and 4,400 feet along the privately owned OwensRoad to the north of the property. The land is near the residentialdevelopments of Chelsea Harbor, New Territory, Telfair, OrchardLakes and Landmark of Sugar Land.

A CB Richard Ellis team in Houston represented the GLO andworked with Dallas-based auctioneers Hudson & Marshall Inc. TheCBRE team consisted of senior vice president Donna Kolius, seniorassociate Pierce Owens, account executive Cody Persyn and financialanalyst Jeremy Richmond. David Garrett represented the buyer.

The Permanent School Fund was created in 1854 to fund thestate's public schools from sources other than taxes. The stateconstitution mandates that money from the fund is distributed toschool districts based on average daily attendance.

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