The site is adjacent to an under-construction high school. SheriCarey, investment specialist in Marcus & Millichap Real EstateInvestment Services' Houston office, says the sale originally wasscheduled for August, but that was before hurricanes Gustav andIke. The impact of the storms delayed the sale of the land, whichfronts US Hwy. 69 between 60th and 61st streets, although it andthe remaining property didn't sustain any damage, according toCarey.

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Carey tells GlobeSt.com that the sellers had the land for yearsand also have a large land holding in Beaumont. "They've beenwaiting for the right opportunity to sell it," she says.

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The development going on in Port Arthur spurred the decision totake the land to market. The Medical Center of Southeast Texas isjust up the road, as is Central Mall, and a major interchangelinking US Hwy. 69 and Texas 73.

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The land was marketed in its entirety, but later divvied forsale. "We're thinking maybe 15 acres of the remainder can go formultifamily development," adds Carey, who worked with Marcus &Millichap's Jeffrey Fript on the transaction. "The remainder willmake a nice office, medical and retail mixed-use development."

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