Looking for a quick close, seller Wyman-Gordon Forgings LP and the buyer wrapped up the deal in 60 days for land at the intersection of US Highway 290 and Telge Road, John Littman with Cushman & Wakefield of Texas Inc.'s local office tells GlobeSt.com. He says the Houston buyer of record, Northwest Lake LP, was chosen from "a select group of qualified bidders." He was tight-lipped about the selling price, but the asset hit the market with a $1.5-million price tag.

The buyer's immediate plan is to add utility lines to the property and divvy it for resale to users in an area that's become an industrial stronghold for the region. The land is bisected by a private rail spur, which leads to a Union Pacific line that parallels US Highway 290. The land also has direct access to the highway's feeder road. Meanwhile, plans are under way to build a road for access to Telge Road.

According to the Harris County Appraisal District, Wyman-Gordon, which has manufacturing site at 10825 Telge Rd., owns in excess of 500 acres, with a book value of $15 million, in the area. Another parcel of land reportedly is under consideration for disposition by the seller, which cut its workforce in Houston and the United Kingdom. In mid-October, Wyman-Gordon took a restructuring charge primarily for severance costs resulting from the "challenges" of reduced demand for aerospace and industrial gas turbines.