The property was listed at $2.75 per sf. "We were very close to the ask on the final sale," says John Ferruzzo, principal with NAI Houston, which represented the buyer on the transaction. Eric Hughes of the National Realty Group represented the seller, Petro Park Properties Inc., both of which are Houston firms.
The property, located at Petro Park Drive and West Little York Road, will be the future site for an estimated 25,000-sf building, featuring tilt-wall construction, 10% office finish, dock and outside storage. "We'll also jazz the front up a little so it'll be a nicer type of look," Ferruzzo tells GlobeSt.com. He says the project is scheduled for completion in first quarter 2006.
NAI Houston will be handling leasing activities for Nickson Leeland. Ferruzzo says he's already had interest from potential tenants in the property. "We're still in the preliminary and permitting phases, though," he explains.
Ferruzzo says the land was attractive to the buyer, simply because there isn't much of it left. "It's tough to find sites in Houston that are in the acre and two-acre range," he adds. "The buyer looked all over and this was one of the few sites left that are in a controlled business park environment--and so near Beltway 8 and Highway 290."
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