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TOMBALL, TX-More than eight acres have been sold to locally based Tomball East Gate Center LP for the development of a retail center in the northwest Houston suburb of Tomball. The site is platted for two restaurant pad sites and speculative inline shops.

The land, which is located on the corner of FM 2920 and FM 2978 was sold by Robert Magnusson, trustee for a Houston investment group. Todd N. Edmonds with the Houston office of Colliers International represented the seller. Edmonds tells GlobeSt.com that the seller got rid of the property because it was an investment that had “ripened.” He says the partnership, led by Magnusson, bought the property 15 years ago as an investment, with plans to sell at the right time. The asking price was $2 per sf.

Art DePue of Free & Associates in Tomball represented the buyer. Edmonds says Tomball is a unique pocket of suburban growth. Once fueled by its proximity to Compaq (now Hewlett Packard), Edmonds says improvements in the local school district and the highways feeding the town to the Houston employment market have made it a hip residential area. Tomball is particularly known for its upscale ranchettes, says Edmonds.

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