A tract of land along West Gray Street in Montrose featuring several residential buildings has been sold with plans for commercial redevelopment.

The big picture

The tract of land, which covers 419-515 West Gray St., Houston, was sold by a group called 505 WGS LLC to Lone Star West Gray LLC, according to Davis Commercial, which represented the seller in the transaction. The sale price was not disclosed.

The lot occupies the space between Midtown Bar & Grill and Skin Renaissance Laser Center. It contains four residential buildings and a vacant lot adjacent to Midtown Bar & Grill.

A closer look

The buyer, Lone Star West Gray LLC, purchased the lot with plans to redevelop it for commercial use, according to a news release from Davis. Additional details about the redevelopment and its timeline were not provided.

An address of 1410 E. Winding Way Drive, Ste. E, Friendswood, was listed for Lone Star West Gray LLC in a filing with the Securities and Exchange Commission. The address matches that of the real estate investment firm Wolfgramm Capital, which has a portfolio of luxury hotels and resorts across several states.

Community Impact has reached out to Wolfgramm Capital to inquire about any ties to the transaction.

One more thing

A few lots over, another new retail development called The Shops at West Gray is being planned.