GLO puts South Beltway acreage on sales block

Houston Business Journal - by Jennifer Dawson Reporter

The Texas General Land Office has placed 234 acres up for sale on Beltway 8 South.

The land is on the north side of the South Belt, near the northeast corner of Martin Luther King and the Beltway. The tract, which has 4,650 feet of Beltway frontage, is bounded on the north by Schurmier Road, where Fuqua will be extended in the future.

Dave Ramsey and Jeff Hayes of NewQuest Properties are marketing the property for the GLO, which provides the state's Permanent School Fund with revenue to buy textbooks for schoolchildren.

The brokers are taking offers on the property until June 6. A second round of best and final offers might also be necessary.

Business park developers, industrial users and medical users have expressed interest in the land, Ramsey said.

"We're pleasantly surprised with the activity level we're getting on it," Ramsey said.

The GLO acquired several properties a few years ago to assemble this tract. Land in the area typically sells for $2.15 per square foot, or $93,654 an acre, according to Hayes.

"There are some significant deals in this market that could be a fit for our site," he said.