Prime Acreage Sold in Northwest Houston

HOUSTON-American Heritage Housing Corp. has purchased a primo tract of 2.26 acres on Solon Road half a block off F.M. 1960 and Texas 249. Keith K. Edwards of Houston-based Caldwell Watson Real Estate Group negotiated the land transaction.

Edwards tells GlobeSt.com the land was purchased as an investment. Billy J. Barcus is the seller of the tract.

Uses for the land in the area will likely be most geared to retail, but the northwest submarket where this property is located has a strong office space market as well. On the retail side, the northwest has the most square footage under construction in the city with seven shopping centers under construction totaling nearly 1.4 million sf.

On the office side, the F.M. 1960 submarket currently has 4.2 million sf of office space. The submarket has approximate lease rates that run from $17 per sf to $20 per sf. The exact area where this tract is located has seen a tremendous amount of new construction both in retail and office product.