Land Practically Gone in 440-Acre Interwood

The sale prices weren't available due to state confidentiality rules, but land in the park is selling $4 per sf to $18 per sf. Schultz USA acquired its acreage at the corner of Interwood North Parkway and Heathrow Forest Parkway from the business park's developer, the Wolff Cos. of Houston. Bob Berry and Jeff Venghaus with Staubach Cos.' Houston office represented the buyer. The company will begin construction in the fall.

CCIB, an affiliate of Capital Commercial Investments Inc. in Austin, bought its parcel between Interwood South Parkway and FM 525 from Essex Capital LLC of Northbrook, IL. A groundbreaking date and project size haven't been determined.

The two transactions and a 6.3-acre sale earlier this year to Scomi Oiltools, a subsidiary of Scomi Group Bhd in Malaysia, have depleted most of Interwood's available land. David Lane, Wolff's executive vice president and CFO, says a sale is pending on 25 acres, which could close within two weeks. After that, he says "we'll have available a total of about 15 acres, with the largest contiguous parcel 12.5 acres."

Lanes says other Interwood property owners are actively marketing two other sites, totaling less than 12 acres. He tells GlobeSt.com that, given all the activity and interest on the remaining land, the park should be completely sold out within one year. "Between what's under construction right now and the deals just sold, we're talking about seven separate projects," he adds.