In late October, The Woodlands-based Newcor Commercial Real Estate announced the purchase of a 37.8-acre tract near FM 2978 on Bogs Road in Tomball. The site is located near the new Toll Brothers master-planned community, NorthGrove at Spring Creek.
Since February 2014, Newcor Vice President David Alexander has been working with four property owners to assemble the tract. The buyer, J. Alan Kent of custom homebuilding company Flair Builders, closed on the tract July 27, Alexander said.
The company plans to develop a number of single-family homes on the land but will likely wait at least a year to begin construction, Alexander said.
“There’s several communities coming up out there—obviously [the] Toll Brothers [property] to the north, and I believe another 160-acre development just to the east of this [37.8-acre] tract that’s also single-family homes out there," Alexander said. "The residential need is still there. There’s plenty of buyers still in the market.”
The Woodlands-based J. Beard Real Estate Company has helped arrange the acquisition of two new tracts in the Magnolia area.
In late October, company officials announced the sale of 6.35 acres that includes 176 units of ministorage units at American Storage and 4.5 acres of vacant land at 33319 Bear Branch Lane near FM 1488 in Magnolia. The vacant land will be developed as a mixed-use retail project, officials said.
In May, company officials announced it helped arrange the acquisition of an 11-acre tract at the northeast corner of Research Forest Drive and Egypt Lane in Magnolia. J. Beard will represent future sales and leasing for the property, which Egypt Land Developments LP purchased for mixed-use retail, medical and commercial development, officials said.
“This 11-acre site of prime land purchased contains approximately 1,600 feet of street frontage, which will eventually be developed into a high-quality, Class A development for users who desire use of prime locations near The Woodlands,” said Brent Everson, founder and president of Everson Developments LLC. “This site is located in a growing area that is secured by extensive public infrastructure improvements as well as nationally recognized tenants and users.”
In late September, NewQuest Properties announced DCI of Magnolia Inc. has sold a 3.35-acre retail-zoned vacant tract along FM 1774 near Lakes of Magnolia to Houston-based Depado Partners Ltd.
In addition, Spring-based Cypressbrook Company represented the sale of a 3.97-acre tract on the north side of FM 1488 near Bridlewood Drive near Magnolia. An undisclosed group of physicians purchased the property.
The company also announced in early June it represented an undisclosed seller in the sale of a 27.24-acre tract on the north side of FM 1488 just west of Old Conroe Road in Magnolia.
The Woodlands-based Gekabi Ltd. purchased the property, which is set back from FM 1488 by about 2,000 feet, as a land investment, commercial broker Denise Ksiazek said. Gekabi has no immediate plans for development, she said.