Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KATY, TX-Clay Venture Fund #3 has acquired 157 acres of raw land in this far west Houston metro submarket. The fund paid north of $3 million to another Houston seller, Clay Katy Hockey Ltd. for the dirt.

Ronald Dagley, president with Raymond R. Betz Interests, Inc. tells GlobeSt.com that the land at the northwest corner of Clay and Katy Hockley Cutoff Roads wasn’t on the market long before attracting a bevy of bids. “The sellers had the land for a little more than a year, and we’d been trying to clear up a surface waiver on the property so they could market it,” explains Dagley, who represented the seller in the transaction. “We spent only a short amount of time with the marketing, as it attracted some decent offers.”

He adds that Clay Venture Fund #3, managed by Houston-based Clay & Co. is holding the land for investment purposes. Calls to Clay & Co. were not returned by deadline, but the company’s website indicates the company makes investment buys and also offers third-party brokerage services to agencies and individuals in Texas.

Katy is on Interstate 10 in an area known as the Energy Corridor because of the huge number of oil and energy companies, and their suppliers, relocating to the far west side. As a result variety of class A office buildings, multifamily projects and other developments have been underway for the past several years.

The land just acquired is two miles north of Interstate 10. Unlike the development along the interstate, there is little or no development on the acreage surrounding Clay Venture Fund #3′s new acquisition.

Dagley says while the area now consists mainly of raw farmland, once the economy improves, things will likely change. “This land is definitely in a growth area,” he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.