Rogello and Magdalene Ortega bought the acreage out of foreclosure from Bank of Texas' special assets group. Naveen Jaggi in CB Richard Ellis Inc.'s Houston office, tells GlobeSt.com that the buyers plan to build a distribution center to service a multi-brand chain with locations in Central and South Texas. The tract abuts the UPS distribution center at the corner of Plantation Lane and Stafford Point Drive.
Jaggi, the seller's broker, says the parcel was on the market three months and received four offers before going under contract. She says the competitive bidding produced a price close to the $200,000 asking price. Brenda Rodriguez with Duffy LaRoe Realty in Houston represented the buyers, who own at least four other properties in Fort Bend County.
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