HOUSTON--Boyd Commercial LLC/CORFAC International has closed the sale of the 21-acre Houston property to Summer Street Retail LP, a business entity backed by Gulf Coast Commercial Group. 

Industry sources have confirmed the sales price was $40 million.

Previously owned by Texas Tile Manufacturing LLC, an affiliate of Tarkett USA Inc., the property was marketed for sale by Conrad Bernard, principal with Boyd Commercial/CORFAC International, as well as the firm's founder, J. Michael Boyd. They were the only brokers involved in the sale transaction.

“We consider the sale of the Tarkett site to be a tremendous opportunity for development of retail, mixed-use and multifamily uses and we are excited to see the economic benefits this transaction will bring to the greater Houston area,” Bernard told GlobeSt.com.

Tarkett ceased manufacturing at its facility located at 1705 Oliver St. in Houston last fall and used portions of the property to warehouse product as recently as June. The French-owned company had occupied the site since 1932, constructing in excess of 750,000 square feet of manufacturing and warehouse space in the ensuing years.

Located just south of Interstate 10 and in close proximity to downtown, the area is an evolving district transitioning away from industrial purposes.