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HOUSTON-A groundbreaking for a spec flex industrial project will be held within a month to six weeks on a 10.8-acre tract of just-bought land. The two-building development, totaling 192,000 sf, will deliver in summer 2006.

Cypressbrook Air Center LP, an affiliate of Cypressbrook Co. in the Woodlands, is planning to build a 52,000-sf flex building and 140,000-sf, cross-dock, bulk warehouse at the corner of Air Center Boulevard and Ranking Road. “We have several interest parties in leasing right now,” according to Michael Novelli, managing partner with Cypressbrook. “Nothing is definite or leased yet, but we have a few things that are promising.”

Cypressbrook acquired the land, assessed at $708,998, from CRP Balmoral, a field services company based in the United Kingdom. Mike Boyd and Andy Sowell with Boyd Commercial LLC in Houston represented the seller. Novelli and Cypressbrook’s John Hornbuckle bargained for the buyer. The ask was “listed for more than the assessed value and sold somewhat below the listed price,” Novelli tells GlobeSt.com.

According to Sowell, a broker with Boyd Commercial, the price obtained for the property was realistic. “There’s a lot of land in that area,” he tells GlobeSt.com. “We knew we had some competition.”

The land, Sowell continues, was considered surplus, the result of a merger a few years ago between Balmoral and another company. “They liked the property, but really had no need for it,” he says.

Novelli adds that for now, Cypressbrook, will handle leasing and management operations for the property once the buildings are completed. “We’ll make the decision to sell in due course,” he says.

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