Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A Houston-based multifamily developer has acquired 10 acres with a 200,000-sf steel fabrication plant and holds an option for the remaining 14 acres owned by Dallas-based Trinity Industries Inc. Mosher Steel Co. recently vacated the structure, but is operating out of a sister building on the balance of the Washington Avenue tract, west of the Houston CBD.

“JMG Developers has targeted this property for development of apartments, townhomes, and retail, which creates the ability to attract complementary uses to this very desirable submarket of Houston,” Michael Palmer, vice president in CB Richard Ellis Inc.’s Houston office industrial division, said in a press release. The shuttered industrial building sits at 3910 Washington Ave.

Palmer and Larry McWherter, CBRE first vice president in Houston, represented JMG Developers in the purchase. Trinity’s negotiator was Rusty McDearman, an independent broker from Dallas. The selling price is being kept under wraps, but Harris County’s assessments on the multiple parcels total about $3.9 million.

JMG, which didn’t return telephone calls for comment on the plans, no doubt is looking to capitalize on the popularity of infill redevelopment properties in the area. Aside from the new residential developments, the area is home to a 30-story high-rise at 3333 Allen Parkway and a Federal Reserve Bank regional facility that’s now under construction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.