X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?

GlobeSt

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.