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THE WOODLANDS, TX-With the land in hand, a development group is making plans to build a 42,500-sf medical office building on 4.6 acres in the Woodlands.

The Woodlands Operating Co. LP sold the acreage along College Park Drive to 242 Medical Partners 1 Ltd. of the Woodlands. A Woodlands contact tells GlobeSt.com that ground will break in two months on a “for sale” office condo project designed with both freestanding and attached offices ranging from 2,500 sf to 12,500 sf. Completion is planned for March 2004. Last year, land in the Woodlands fetched $7.51 per sf on the average.

Woodlands’ Greg Jordan, director of sales and leasing, brokered the land sale. Bill Penick, manager of the Woodlands-based Advantage Development, represented the buyer and holds development oversight and marketing. In a press release, Penick pointed out the state-of-the-art condos will be situated west of Interstate 45 and close to both St. Luke’s Woodlands Community Center and Memorial Herman Woodlands Hospital.

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