Ronald Dagley, president with Raymond R. Betz Interests, Inc. tells GlobeSt.com that the land at the northwest corner of Clay and Katy Hockley Cutoff Roads wasn't on the market long before attracting a bevy of bids. "The sellers had the land for a little more than a year, and we'd been trying to clear up a surface waiver on the property so they could market it," explains Dagley, who represented the seller in the transaction. "We spent only a short amount of time with the marketing, as it attracted some decent offers."
He adds that Clay Venture Fund #3, managed by Houston-based Clay & Co. is holding the land for investment purposes. Calls to Clay & Co. were not returned by deadline, but the company's website indicates the company makes investment buys and also offers third-party brokerage services to agencies and individuals in Texas.
Katy is on Interstate 10 in an area known as the Energy Corridor because of the huge number of oil and energy companies, and their suppliers, relocating to the far west side. As a result variety of class A office buildings, multifamily projects and other developments have been underway for the past several years.
The land just acquired is two miles north of Interstate 10. Unlike the development along the interstate, there is little or no development on the acreage surrounding Clay Venture Fund #3's new acquisition.
Dagley says while the area now consists mainly of raw farmland, once the economy improves, things will likely change. "This land is definitely in a growth area," he adds.
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