The Williamsville, NY-based Eastbourne is buying land at the southeast corner of FM 529 and Fry Road in partnership with two local developers, Fidelis Realty Partners and Wellington Development. Frank Egan with Eastbourne Investments tells GlobeSt.com that it's undetermined if the land will be resold to other retail developers or developed by the purchasing team. According to Allen Hassenflu of Fidelis, the acreage could hold up to 450,000 sf.

The 16 acres, assessed at $928,000 by Harris County, were sold by a locally based investment group, led by Don Davies. Egan says the four corners of the intersection are vacant, but hold the potential to become a dominant retail trade area in the far west submarket. Retail and residential development have been creeping up FM 529 on all sides of the intersection for some time. Hassenflu explains the completion of Fry Road to US Highway 290 will provide a feeder road to several upscale, master-planned communities and increase the development potential of the acquired acreage.