Ronald Dagley, president with Raymond R. Betz Interests, Inc.tells that the land at the northwest corner of Clay andKaty Hockley Cutoff Roads wasn't on the market long beforeattracting a bevy of bids. "The sellers had the land for a littlemore than a year, and we'd been trying to clear up a surface waiveron the property so they could market it," explains Dagley, whorepresented the seller in the transaction. "We spent only a shortamount of time with the marketing, as it attracted some decentoffers."

He adds that Clay Venture Fund #3, managed by Houston-based Clay& Co. is holding the land for investment purposes. Calls toClay & Co. were not returned by deadline, but the company'swebsite indicates the company makes investment buys and also offersthird-party brokerage services to agencies and individuals inTexas.

Katy is on Interstate 10 in an area known as the Energy Corridorbecause of the huge number of oil and energy companies, and theirsuppliers, relocating to the far west side. As a result variety ofclass A office buildings, multifamily projects and otherdevelopments have been underway for the past several years.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 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.