Lane F. Guinn, principal with Houston-based JLM CommercialAdvisors Inc., wouldn't elaborate on Notsuoh's plans for the sitealong Fairmont Parkway. The buyer representative did say, however,that the locally company had looked at other sites in addition tothe one that it bought. "We acquired this site because of itsstrategic location to the Bayport Terminal," Guinn He estimates 38 acres to 40 acres of the 49.3-acretract is developable.


B. Kelley Parker III, executive vice president with Cushman& Wakefield of Texas Inc. in Houston, says Nelson Duffieacquired the site a little more than a year ago from a Europeaninvestor. The plan was to complete horizontal development, thencarve it into chunks and resell it.


"As they were getting ready to break ground to develop smallerparcels to sell off, the user came along and wanted the whole siteso we ended up selling it to them," says Parker, who teamed withC&W senior director John F. Littman and associate director CoeParker on behalf of the Houston-based seller. These days, the costof developed land in the area is about $3 per sf, he adds.


Parker points out that the land is ideally located, withfrontage on Fairmont Parkway and Farrington. "This is a really neatpiece of property because of its frontage and its location near theBayport Terminal," he adds. "This deal made sense for bothparties."

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

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