Because of the asset's strategic location, the Blue Diamond Group LLC plans to demolish the 1965-constructed building in the future so the land can be redeveloped with townhouses. The 5200 Navigation Blvd. property is in an area undergoing residential development and rehabilitation, according to Mark Lehman, vice president with Grubb & Ellis Co.'s Houston office. "That area is fast becoming residential down there," comments Lehman, who represented seller Solwest LLC of Houston. "They're building townhomes everywhere. This is a straight land play for the buyer."
After fielding three offers during the six-month marketing period, the seller chose Blue Diamond Group because "they had the best price and feasibility of closing," Lehman tells GlobeSt.com. "They were the strongest buyers." He adds that Solwest sold the asset, appraised at $504,142, to open the door to future investment opportunities.
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