The selling price is not being disclosed, but Harris County Appraisal District assesses the vacant tract at $239,740. Motiva acquired 9335 Gulf Freeway in 1998 from Shell Oil. At one time, the site held a service station.
Jim Wallace of Wallace/Halpin tells GlobeSt.com that says construction will ramp up later this month or early February. The retail project, set for a summer delivery, could hold as many as five tenants.
Wallace expects pre-leasing will hit 100% before construction wraps up due in part to a steady traffic flow, with a daily count of about 260,000 vehicles, passing the intersection of Gulf Freeway and the College/Airport exit near Hobby Airport. "This acquisition of another high-traffic location fits our plan of acquiring and adding value in key, underserved segments of the retail market," Wallace said in a press release.
Wallace says the 2004 development plan is to accrue about $15 million of land in eight to 10 land acquisitions--three already are in hand. In recent months, the firm bought land in Willowbrook for a single-tenant structure for Verizon Wireless and atract near Baybrook Mall for a multi-tenant building.
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