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HOUSTON-Lone Star Ventures Inc. of Houston has purchased a 7 1/2-acre asset at 9645 North Freeway in Houston from Dearborn, MI-based Ford Leasing Development Co. The property was used by Northwood Lincoln Dealership, which has relocated to the FM 1960 submarket.

The Interstate 45 property was on the market for about two months and received five hard offers, Naveen Jaggi of CB Richard Ellis Inc.’s Houston office tells GlobeSt.com. The holding, which carried a price tag of $1.6 million, consists of a 9,400-sf showroom, 40,000-sf service center and 5,700-sf covered reception area. The Harris County Appraisal District puts the 2002 assessment at slightly more than $2 million.

Jaggi says Lone Star plans to sell used vehicles at the site. Move-in will take place within 30 days. Jaggi, Ford’s local representative, handled both sides of the deal. Ford Leasing Development put the property on the market when the dealership relocated, he says.

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