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HOUSTON-A Houston-based development group has acquired a 20,000-sf building on a 2.6-acre corner tract in a plan to convert the industrial site into retail use.

Sun Development LP bought the holding at the southwest corner of Homestead Road and the North Loop East in the northeast submarket from Chicago-based K2 Industrial Services Inc. Buyer and seller aren’t talking, but real estate sources tell GlobeSt.com that the asset sold for slightly more than $500,000.

Alexander G. Reilly with the Houston office of Boyd Page Commercial Real Estate Services represented the seller. He says K2 was working through a bankruptcy when he asked if they’d be interested in selling the property.

Reilly says several truck stop operators looked at the site due to its development potential. Sun Development hasn’t made the final decision, but Reilly says it most likely will be converted into retail use as a truck stop. Mary L. Rincon of ReMax Suburban Northwest represented the buyer.

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