BAYTOWN, TX-A local development company has acquired 28.7 acres in two transactions within one week, setting a plan into motion to flip it to multifamily and mini-warehouse developers. Land in the immediate area is trading for $1.50 per sf to $4 per sf.
John F. Littman, senior director in Cushman & Wakefield of Texas Inc.'s Houston office, says both tracts at Crosby-Lynchburg Road and Interstate 10 are in an area that's experiencing significant residential development. "The northeast corner of this wraps around a Mobil service station. And, there's a certain amount of residential development going around it," Littman says. He represented principals of Walter Oil & Gas Corp. in Houston in the sale of a 14-acre tract while the balance of the acreage came from a local resident in a direct deal with Venture Development Inc. of Houston.
Larry Frith, vice president with Ventura Development, says 16 acres are under contract to a multifamily developer, with the remainder slated for a mini-warehouse development. "It could take six to nine months before we close on the multifamily deal," Frith tells GlobeSt.com. "The property needs utilities and it's not within the city limits of Baytown so we're not sure if we'll need to get this annexed or not.
Frith says the mini-warehouse will take up five acres. The plan is to sell the acreage to a developer of that product type. "We won't build anything ourselves," he adds. "We're just going to get it platted and sell the pieces off." He says development costs haven't yet been determined as Ventura Development is still in the planning stages.
Teaming with Littman were C&W executive vice president B. Kelley Parker III, associate Jon D. Farris and associate director H. Frank Stanley. Henri Klok of Broker Associates in Houston represented Ventura Development.
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