The right moment has come for one of the speculative parcels, a95-acre plot in the Northview Park Section One at I-45 and SouthRichey. Shell had contacted Don Naughton, senior vice president inthe Grubb & Ellis Corporate Services Group's Houston office,telling him, in effect, "sell it."
Naughton has, although the sale has come in two parts. Theinitial sale had involved about 66 acres. A 29-acre portion hadrequired "some more due diligence," Naughton told GlobeSt.com aboutthe recently finalized sale. The buyer is Weimar, TX-based Six JInvestments, 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 persf, which would put the price somewhere between $6.2 million and $8million for the total package.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
