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One of the largest undeveloped tracts on Houston's Beltway 8 is set to be developed into a business park.
In an all-cash transaction, the Texas General Land Office has sold 214 acres of development-ready land to Investment and Development Ventures.
NewQuest Properties Executive Vice President Dave Ramsey has been marketing the property. Installation of new utilities created more interest, generating three bids for the site.
"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," Ramsey said in a statement.
The business park is in the final design and permitting stage and could break ground within 30 days.
The buyer was represented by IDV's Tyndall Yapp. GLO acted on behalf of the Texas Permanent School Fund, which has owned the acreage since 2004.
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