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SUGAR LAND, TX-The Texas General Land Office has sold 152 acres on behalf of the Permanent School Fund to LRI Partners Ltd. According to the General Land Office’s website, LRI offered a winning bid of $7.4 million for the acreage, topping six other offers.

The tract is between Grand Parkway and FM 1464, with 3,850 feet of frontage along Grand Parkway on the west, 1,150 feet along FM 1464 on the east and 4,400 feet along the privately owned Owens Road to the north of the property. The land is near the residential developments of Chelsea Harbor, New Territory, Telfair, Orchard Lakes and Landmark of Sugar Land.

A CB Richard Ellis team in Houston represented the GLO and worked with Dallas-based auctioneers Hudson & Marshall Inc. The CBRE team consisted of senior vice president Donna Kolius, senior associate Pierce Owens, account executive Cody Persyn and financial analyst Jeremy Richmond. David Garrett represented the buyer.

The Permanent School Fund was created in 1854 to fund the state’s public schools from sources other than taxes. The state constitution mandates that money from the fund is distributed to school districts based on average daily attendance.

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