Lakeland Partners III, an established developer of raw land in the Houston area, has made a $15-million, all-cash offer for the acreage, the single largest parcel on the bay. The second cash offer for $14.5 million was made by the Cardon Group, a real estate investment company based in Mesa, AZ. At least four other groups also have indicated their intent to make an offer on the land along Texas 146 at Dickinson Bayou and Galveston Bay, but have not yet made any proposals to the Kemah, TX-based landowner, American International Industries, Inc., the source says.
"It's gone bananas," one insider says. "The last 30 days or so it's really gotten off center."
The source says competition for the property, fronting both Galveston Bay and Dickinson Bayou, appears to be heating up. "It's a great piece of property. It's hard to find anything like this around the bay," the source says. "You get a lot of property around there that is chopped up, but this is a large parcel with one owner."
According to the source, Lakeland Partners III is planning a master-planned, mixed-use development for the property. The Cardon Group has not indicated what it intends to do with the acreage. American International, which will retain the mineral and water rights to the land, expects to accept an within 10 days.
The property owner is marketing the acreage as suitable for a number of uses, including hotels, shopping centers, marinas and other commercial and residential developments. Wayne Vitale and Ronald Simons, both with McDade, Smith, Gould, Johnston, Mason and Co., a commercial and investment real estate brokerage and consulting firm in Houston, are marketing the acreage.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.