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CLEAR LAKE, TX-A Houston couple has purchased 160 acres at West Bay Road and Spur 55 in Clear Lake for the future development of industrial and residential projects.

Doyle Toups with Grubb & Ellis Co.’s Houston office tells GlobeSt.com that only 110 acres are usable and the rest is under water. He says seller Houston-based Cemax Foundation dug large gravel pits on the land that filled with water over time and now are lakes. The new owners, JG and Sonya Keeling, plan to incorporate the property’s “lakes” into the new development.

Toups, who was the lone broker working the transaction, says more than half of the 110 acres will be developed for industrial use. The development plans, though, are still preliminary.

At one time, Cemax planned to build a cement batch plant on the acreage, but instead brought it to market a couple years ago at an asking price of nearly $2.3 million. Toups says the listing attracted three offers and went under one other time. Toups wouldn’t reveal the selling price, but did say it was significantly less than the asking price.

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