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HOUSTON-After searching and negotiating for nearly a year, CJP-DMP Inc. acquired a 3.1-acre tract in the Kingwood community for the development of a 10,000-sf retail building. The sales price was not disclosed, but the asking price was $2.50 per sf or about $338,000.

The buyer will house two of his existing businesses–a karate school and a daycare–in the building at the intersection of Northpark and Woodland Hills drives. The buyer currently has these businesses situated in leased space less than half a mile from the tract, Houston’s Betz Commercial Brokerage’s David Dabbs, who repped the buyer, tells GlobeSt.com.

The parcel was purchased from Friendswood Development Co. Liz Dantone was the internal representative for Friendswood in the sale and Lecia Price with Stewart Title coordinated the closing.

Dabbs says CJP-DMP will break ground in spring 2004 and hopes to have the building ready by that fall. The property is located in a commercial area of the primarily residential neighborhood, says Dabbs, adding that CJP-DMP liked the fact that tract has enough room for additional retail space which might be developed for third-party leasing in the future.

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