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HOUSTON-Clear Channel Broadcasting is two-thirds of the way through a three-property disposition, selling a 5,426-sf former mansion and 16,000-sf parking lot in the coveted Montrose neighborhood just southwest of downtown Houston. Meanwhile, a headquarters decision remains in limbo.

Randy Wilhelm and Andre Granello, both in the Houston office of NAI Partners Commercial, are handling the disposition and helping the San Antonio-based Clear Channel make a headquarters decision that could bring an expansion or relocation. The media owner leases about 30,000 sf at 3050 Post Oak in the Galleria, where it consolidated several radio stations and then brought their vacated addresses to market.

The Montrose properties–511 and 523 Lovett Blvd.–were acquired through station takeovers as was the unsold asset, 510 Lovett Blvd., which is a 17,000-sf tract with a 12,342-sf office building. Granello tells GlobeSt.com that the two sold properties traded extremely close to the asking prices: $795,000 for the dwelling and 16,102-sf parcel at 511 Lovett Blvd. and $445,000 for the parking lot.

Granello says the properties attracted a lot of interest during the two-month marketing period. The attention, he explains, was not surprising given the desirability and lack of available product in the Montrose section of town.

The vacant mansion received four serious offers before going under contract to attorney David Matthiesen. Granello says the buyer plans to move his law practice from Greenway Plaza. Candace Baggett of the Calibre Group in Houston represented Matthiesen.

The parking lot received seven serious offers, with the winning bid coming from Lovett Homes, which bought the asset as 5177 Builders Ltd. The buyer plans to build a multifamily project on the lot, according to Granello. Greg Lewis of Lewis Properties, also a Houston firm, represented the buyer.

Now, the attention will be turned toward selling 510 Lovett Blvd, which has an asking price of about $1.1 million. Clear Channel has a news and weather radio station in the building.

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