Kagan Properties, buying as 1996 Ft. Cullen LLC, was the top offer in a field of three, Bill Heavin with Grubb & Ellis Co.'s Houston office tells GlobeSt.com. The land was on the market about five months for $4.50 per sf. He and Matthew Herring represented the seller, a private investment group, Godima Ltd. from Scottsdale, AZ. The land abuts 53 acres recently sold to a homebuilder.
The buyer's broker, Martin O'Malley in the Houston office for Colliers International, says the idea was to buy now to get in on the ground floor of the emerging market. The land is positioned just north of Pearland. The buyer is still working up the build-out plan, but O'Malley says it's definitely going to be retail.
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