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HOUSTON-After more than three years on the market, a 5.5-acre parcel on the west side of Bammel North Houston Road has sold to a local investor for close to $5 million or $2.50 per sf.
Badat Inc., headed by Ibrahim Badat, is in the midst of finalizing plans for the tract between Beltway 8 and West Greens Road, says Ismail Patel of locally based Fast Homes. He represented Badat in the transaction while Tom Condon Jr., a senior vice president with Betz Commercial Brokerage Inc. in Houston, steered talks for the local seller, Northbelt Investment Co.
"Badat was the first offer for the entire parcel," Condon tells GlobeSt.com. "We had more interest from people who wanted portions of the land, but the seller didn't want to split it up."
Badat's present plan calls for an 80-unit multifamily complex and a 15,000-sf shopping center. The company also is considering adding a small office business park to the mix, but has not made a final decision, Patel says. "He just hasn't made up his mind," he explains, adding Badat expects to break ground on the project within 90 days.
Condon says there is a lot of commercial and residential development occurring in the immediate area. The Jacksonville, FL-based Regency Centers Corp. is in the midst of developing a 20-acre, grocery-anchored shopping center. A 61-acre single-familydevelopment also is under way.
Northbelt Investment Co. owned the 5.5-acre parcel for several years. The firm, which recently completed the adjacent Ash Creek residential development, held the tract in reserve as an investment.
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