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Ford Sells Interstate 45 Dealership

HOUSTON-Lone Star Ventures buys the 7 1/2-acre tract for a used car lot. The asset came to market when the Northwood Lincoln Dealership moved to the FM 1960 submarket. The seller had the holding on the market two months for $1.6 million.

By Jennifer Brenner Andrade | Updated on November 11, 2002

HOUSTON-Lone Star Ventures Inc. of Houston has purchased a 7 1/2-acre asset at 9645 North Freeway in Houston from Dearborn, MI-based Ford Leasing Development Co. The property was used by Northwood Lincoln Dealership, which has relocated to the FM 1960 submarket.

The Interstate 45 property was on the market for about two months and received five hard offers, Naveen Jaggi of CB Richard Ellis Inc.’s Houston office tells GlobeSt.com. The holding, which carried a price tag of $1.6 million, consists of a 9,400-sf showroom, 40,000-sf service center and 5,700-sf covered reception area. The Harris County Appraisal District puts the 2002 assessment at slightly more than $2 million.

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