Mini B plans to divvy the land into parcels for resale after installing roads and sewer lines. The land is located at the northeast corner of Interstate 10 and Katy Fort Bend Road near Katy Mills mall.
Doug Nicholson, a senior vice president with Grubb & Ellis Inc.'s Houston office, tells GlobeSt.com that few investors were interested in purchasing the entire land tract. "We received a lot more interest from prospective buyers who wanted parcels," he explains. However, Katy's Promise wanted to sell the acreage in one transaction. According to industry experts, comparable land in the immediate area would trade for $2 per sf to $2.50 per sf.
Nicholson says Mini B hasn't set a schedule for resale nor priced the land as yet. He predicts apartment and retail developers will be the most aggressive buyers. Nicholson teamed with Grubb's John Nicholson to broker the land sale.
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