The right moment has come for one of the speculative parcels, a 95-acre plot in the Northview Park Section One at I-45 and South Richey. Shell had contacted Don Naughton, senior vice president in the Grubb & Ellis Corporate Services Group's Houston office, telling him, in effect, "sell it."
Naughton has, although the sale has come in two parts. The initial sale had involved about 66 acres. A 29-acre portion had required "some more due diligence," Naughton told GlobeSt.com about the recently finalized sale. The buyer is Weimar, TX-based Six J Investments, headed by Al Jaska.
The sale terms for this raw 95 acres are being kept under wraps. Property in the immediate area has been fetching $1.50 to $2 per sf, which would put the price somewhere between $6.2 million and $8 million for the total package.
Jaska is "re-selling the property in smaller parcels for commercial, industrial and residential development," Naughton says. "At least, there are signs up on the property already." There is substantial commercial development currently in the area, as well as starter home residential.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
