HOUSTON-Years ago, Shell Oil Co. in Houston had bought up several parcels of available undeveloped land – just to hold and let it appreciate until the right moment came to sell it.

The right moment has come for one of the speculative parcels, a 95-acre plot in the Northview Park Section One at I-45 and South Richey. Shell had contacted Don Naughton, senior vice president in the Grubb & Ellis Corporate Services Group’s Houston office, telling him, in effect, “sell it.”

Naughton has, although the sale has come in two parts. The initial sale had involved about 66 acres. A 29-acre portion had required “some more due diligence,” Naughton told GlobeSt.com about the recently finalized sale. The buyer is Weimar, TX-based Six J Investments, headed by Al Jaska.

The sale terms for this raw 95 acres are being kept under wraps. Property in the immediate area has been fetching $1.50 to $2 per sf, which would put the price somewhere between $6.2 million and $8 million for the total package.

Jaska is “re-selling the property in smaller parcels for commercial, industrial and residential development,” Naughton says. “At least, there are signs up on the property already.” There is substantial commercial development currently in the area, as well as starter home residential.

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