In an all-cash transaction, the Texas General Land Office has sold 214 acres of development-ready land with 4,700 feet of frontage along Beltway 8/Sam Houston Tollway to a local developer who's poised to break ground on a brand-new industrial park in southeast Houston. It is one of the three largest undeveloped tracts fronting the 88-mile loop.
GLO was acting on behalf of the Texas Permanent School Fund, which has owned the acreage, located at the junction of Beltway 8 and Martin Luther King Boulevard, since 2004. The buyer is Investment & Development Ventures LLC or IDV as it's known locally.
"This is a key tract of land. The fact that it's coming back on the tax rolls is a significant impact for that area of Houston," says Dave Ramsey, executive vice president of NewQuest Properties who represented the seller along with Brad Elmore, a senior vice president with the Houston-based brokerage firm.
IDV was one of three in the running for the well-located dirt, which is roughly four miles from Hobby Airport, eight miles from the Houston Medical Center, 10.5 miles from the Houston CBD and about 12 miles from the Galleria. More than one million people live within a 10-mile radius of the land, which also has 3,125 feet of frontage along Schurmier Road and nearly 847 feet on MLK Boulevard.
"IDV was the right group at the right time. The industrial market is hot in Houston right now," Ramsey says. "It's also noteworthy that this site is not going to be negatively impacted by the new flood plain rule changes."
With the transaction now closed, IDV is ready to hit the ground running. It's in the final design and permitting stage for the new industrial park, which could break ground in 30 days. The buyer was represented by IDV's Tyndall Yapp.
The Texas Permanent School Fund originally owned 234 acres in the area, all raw land until 18 months ago when 20 acres were carved out to develop the Richard A. Anderson Texas State Veterans Home. Ramsey had been marketing the land since 2006, but the addition of utilities created new opportunities.
"There'd been many suitors through the years for a piece of the site because it's so well located and fronts Beltway 8," Ramsey explains. "You have to be persistent and patient to get the right buyer and the right timing for a deal of this magnitude. This is a big accomplishment."
SOUTH TEXAS SALE
Texas General Land Office has sold 214 acres at Beltway 8 and Martin Luther King Boulevard, Houston, to IDV Development Services. Dave Ramsey and Brad Elmore of NewQuest Properties represented the seller in the direct deal.
SOUTH TEXAS LEASE
Capital Title of Texas Inc. has leased 3,000 sf of office space at 27008 Northwest Freeway, Cypress, from Cymill Partners. Ashley Strickland and Nick Ramsey of NewQuest Properties represented the landlord. Adam McAlpine of McAlpine Interests represented the tenant.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
