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Six J Investments Finalizes 95-Acre Buy; For Sale Signs Already Up

HOUSTON-A Weimar, TX-based investor has finalized a 95-acre buy from Shell Oil Co., posting "for sale" signs for commercial, industrial and residential development. Shell has owned the acreage for several years, waiting for the right time to sell.

By Jack Burney | Updated on November 28, 2000

HOUSTON-Years ago, Shell Oil Co. in Houston had bought up several parcels of available undeveloped land – just to hold and let it appreciate until the right moment came to sell it.

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.

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