Search
 

Houston Land Deals Signal 'Build Not Lease' Trend

HOUSTON-Land buys are gaining in popularity with small business owners, who are buying less than 10 acres and building what they want. It's a growing trend, says a broker who's sealing deals in the city's brisk land market.

By Jennifer Brenner Andrade | Updated on June 19, 2001

HOUSTON-The Houston land market continues at a brisk pace, giving rise to a trend for small business owners to buy and build instead of lease. Keith K. Edwards of Caldwell Watson Real Estate Group tells GlobeSt.com that the strategy is gaining popularity. The end result is usually a single-tenant building on less than 10 acres. Edwards says the Caldwell Watson team is writing new land contracts weekly as evidence of the brisk pace.

Two recent deals are prime examples, says Edwards. FMC Technologies Inc., a Chicago-based solutions provider for the energy, food processing and air transportation industries,has purchased a little more than 8.3 acres in the city’s northern tier for an expansion play. Meanwhile, a couple has purchased slightly less than seven acres in northwest Houston to build an office-warehouse for ABCO Beauty Supply and Distribution.

FMC’s land buy abuts its existing office at 1803 Gears Rd. Edwards, who has represented FMC, tells GlobeSt.com the deal opens the door for construction of an office building or storage facility. Edwards says the parcel could handle an office building of up to 25,000 sf. Keith P. Grothaus, also of Caldwell Watson, represented the seller, 8.34 Ltd.

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?

NOT FOR REPRINT

© 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.

GlobeSt

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 © 2024 ALM Global, LLC. All Rights Reserved.