Ending a 100-year hold, the Thomas family of Waller County has sold 83 prized acres to a local investment group in an all-cash, full-price offer within a 35-day spin.

The raw land is located at the hard corner of Kickapoo Road and FM 2920, adjacent to the proposed Waller Town Center and a future high speed-rail transit station. Jeff Lokey of NewQuest Properties, executive vice president of Houston-based NewQuest Properties, represented the seller, Lavon Thomas et al. Carlos Izquerido of Bayou City Co. negotiated for the buyer, VEC LP.

"This land has been in the family more than 100 years. It's a pretty picture of potential prospects with the proposed development and its proximity to 290," Lokey says.

For decades, cattle have been grazing on the farmland in the emerging submarket, where population has spiked 84.4% since 2010. "This was the first time that this property was listed," Lokey says. "The interest level was considerably stronger than I initially anticipated."

Kickapoo Road is a full-service interchange for US Route 290, which is being widened to five lanes in select areas to accommodate increased traffic from northwest Houston. The area's population is hovering 300,000, with 15,000 now living within five miles of the just-sold land. The trade area's average annual income of $78,343.

"This was bought as strictly an investment for a three- to five-year hold," says Lokey, who also is marketing an abutting 52-acre site.

The proposed 290-acre Waller Town Center will be a mix of retail, restaurant, entertainment, hotel and office space with freeway visibility and easy access. Also close by is the $410-million Daikin Texas Technology Park, designed for an estimated 5,000 employees, and Binford Business Park.