Colliers Principal Tom Condon Jr. said the sale was finalized March 15 between Condon—representing the seller, Tomball Economic Development Corp.—and NewQuest Properties representative Randy Nerren—representing the buyer, Ralco Houston, Ltd.
Ralco plans to build a 45,500-square-foot distribution center for the Billiards Factory on the site, known as Lot 3 of the business park, with the possibility to expand with an additional 20,250 square feet in a second phase of construction, according to the news release.
“They expect that distribution facility to have 24 employees [and to grow] to about 40 within three years,” Condon said in a phone interview.
The 100-acre master-planned business park is located east of Hwy. 249 along Holderreith and Hufsmith-Korhville roads in Houston's North Freeway/Tomball Parkway industrial submarket, according to the news release. Featuring 38.7 million square feet of industrial space, the submarket is 94.6% occupied with 466,000 square feet of industrial space under construction.
Tomball Economic Development Corp. officials could not be reached for comment April 1.
