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PORT ARTHUR, TX-A 20-acre parcel has been carved from a 130-acre tract that hit the market earlier this year for $17.2 million. The commercial piece has been bought for roughly $3.1 million by a partnership from Houston.

The site is adjacent to an under-construction high school. Sheri Carey, investment specialist in Marcus & Millichap Real Estate Investment Services’ Houston office, says the sale originally was scheduled for August, but that was before hurricanes Gustav and Ike. The impact of the storms delayed the sale of the land, which fronts US Hwy. 69 between 60th and 61st streets, although it and the remaining property didn’t sustain any damage, according to Carey.

Carey tells GlobeSt.com that the sellers had the land for years and also have a large land holding in Beaumont. “They’ve been waiting for the right opportunity to sell it,” she says.

The development going on in Port Arthur spurred the decision to take the land to market. The Medical Center of Southeast Texas is just up the road, as is Central Mall, and a major interchange linking US Hwy. 69 and Texas 73.

The land was marketed in its entirety, but later divvied for sale. “We’re thinking maybe 15 acres of the remainder can go for multifamily development,” adds Carey, who worked with Marcus & Millichap’s Jeffrey Fript on the transaction. “The remainder will make a nice office, medical and retail mixed-use development.”

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