La Jolla, CA-based Newland tapped Sammi Jaggi, first vice president with CB Richard Ellis Inc. and Scott Davis, senior associate, to market the acreage at the intersection of Texas 6 and US Highway 90A. "This is the first parcel that Newland is taking to market," Davis tells GlobeSt.com, adding the land is zoned for general commercial uses. "It would be appropriate for retail, office, medical and industrial uses." He won't speculate how much space could be built on the tract, now being marketed at $5.50 per sf.

"I think there will be a lot of interest in the land because of its frontage on Highway 6 and because Sugar Land is one of the fastest growing communities in Houston," Davis says. "People are looking for this kind of development opportunity." The land stretches along the northern boundary of the 2,018-acre Telfair, which is modeled after historic Savannah, GA.

Davis says Newland hopes to divest of the land in one big chunk. "It's our goal to sell it to one developer," he adds. "We're looking for a developer who would be interested in doing a mixed-use project."