Although the final sales price is not being released, Jeff Peden in the Houston office of Cushman & Wakefield of Texas Inc. confirms it sold near the asking price of $5.6 million or about $2.25 per sf. Aardex, which bought the property as Conroe Land LLC, immediately sold 22.69 acres to Loop 336 LLC, an entity created by Houston-based Cobblestone Construction Inc., for an undisclosed price.
Peden was one of four C&W brokers representing the property's seller, the Sam Houston Area Council of Boy Scouts. The site was part of the organization's 2,500-acre Camp Strake recreation area. Completion of a freeway loop had separated it from the main part of the camp, prompting the decision to sell, Peden tells GlobeSt.com.
Peden says certain property deficiencies kept it from achieving an even higher price. "It has some issues to be worked out," he explains. "It's in a flood plain and some site work needs to be done. It has good utilities to the site, but they need to be extended. But it's the last site as you go west from the hospital so it's very desirable."
Peden says the property was on the market eight or nine months and received several offers, but the council wanted to find a reputable and dependable buyer that would not build anything incompatible with the scouting camp. "We could have gone in a different direction, but this felt like the best buyer and the group that would get the property closed," he says.
According to John Littman, another broker from C&W's Houston office who worked the Aardex side of the deal, the buyer plans to build several medical-related facilities on a build-to-suit basis. He also represented Aardex in the sale to Cobblestone. The latter had not returned calls at press time regarding its plans. Littman says Conroe has been experiencing increasing commercial demand due a high level of residential growth.
Other C&W brokers working on the transaction were Kelley Parker III, H. Frank Stanley and Jon Farris on the Aardex side for both transactions. C&W's David Cook, Marshall Davidson and Graham Horton represented the Boy Scouts.
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