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77 Acres Being Tooled for Industrial Park

HOUSTON-A Portland, OR manufacturer parts with land near its local hub to an investment group with a development plan. Tagged for sale at $1.5 million, the land changes hands in a 60-day start to finish.

By Jennifer Brenner Andrade | Updated on December 30, 2003

HOUSTON-A subsidiary of Precision Castparts Corp. of Portland, OR has sold about 77 acres of surplus land abutting its regional hub in northwest Houston to an investment group with a plan for an industrial park.

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.

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