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GlobeSt.com UPDATE: 650,000-SF Tech Center Will Come Down

HOUSTON-The 650,000-sf MetroNexus Technology Center has a date with a wrecking ball in 60 to 90 days, says the new owner, who's sketched out a plan to scrape the 34-acre site, develop a $30-million apartment complex and sell tracts to homebuilders.

By Jennifer D. Duell | Updated on July 28, 2005

HOUSTON-In the wake of the sale, the 650,000-sf MetroNexus Technology Center will be razed in 60 to 90 days to make way for multifamily and single-family development. The new owner, Fleming Loop Partners, intends to build a $30-million apartment complex on 10 acres and sell the 24-acre balance to homebuilders.

Jenard Gross, principal of Fleming Loop Partners, chased the 2525 Minimax Dr. property for two years. The sale price is off limits, but Genard says it was listed for $16 million to $18 million. Industry experts say it’s hard to value the property, which cost $21 million in 2000 when it was bought by New York City-based MetroNexus and Macfarlan Real Estate Investment Management of Dallas. For previous story, click here.

“We’ve been talking to MetroNexus on and off for two years,” Gross tells GlobeSt.com, adding he can see his new investment from his office window. “It’s almost impossible to find a tract this size close in. We were very lucky to find this land.” The land is situated inside Loop 610 near the US Highway 290 junction.

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