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HOUSTON-The Metro Rail Houston Project has paid $450,000 in cash for a land parcel ticketed for a rail station.

MidTowne Properties Inc., a subsidiary of Kemah, TX-based holding company American International Industries, is the owner of the property. An American International contact declined to release the precise address to GlobeSt.com. According to Metro, the rail project will run along a 7.5-mile track connecting the CBD with midtown, the Third Ward, Museum District, major universities, Hermann Park, Houston Zoo, Texas Medical Center and Reliant Park. Metro says it has 16 stations planned for the transportation project.

The acquisition is one of several properties in the MidTowne portfolio that are up for sale. MidTowne was carrying the property on their books at a value of $54,000, but mentioned in SEC filings the Houston real estate was worth considerably more than the assigned book value. The company reportedly is in negotiations for the sale of the balance of its portfolio. American International has holdings and interests in industry, finance and real estate in the Houston area as well as oil and gas investments.

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