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HOUSTON-MidCity Houston Properties Inc. formerly MidTowne Properties Inc., has closed a $427,500 cash sale of land at the intersection of Main and Ruth streets in Houston. Buyer Metro Houston has had the property under contract since Aug. 6.

MidCity also has a contract to sell about 12.1 net acres to Picerne Inc., a Florida-based multifamily developer. Picerne will be paying $700,000 in cash consideration for the land. The property is part of a 42.6-acre tract in Harris County. MidCity executives previously told GlobeSt.com that they will not provide additional details about the transactions. It is a certainty that Picerne will be plotting a multifamily project on its acreage.

MidCity currently is negotiating the sale of all of the properties owned by its real estate subsidiary, but won’t release the locations of its other holdings. MidCity also has agreed to sell a tract on Almeda and Riverside drives in Houston to an unidentified entity.

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