One of the more significant real estate transactions I’ve been involved in recently was the sale of a 60-acre tract of land on the southeast corner of Airtex and I-45 North to Panattoni Development.  The commercial real estate developer is planning a 486,000-square-foot, cross-dock, LEED-certified distribution facility in the first phase.
There were a number of issues with the site.  There was a backfilled area that turned out to require the removal of construction debris and trash about 20 feet deep.  The deal took about seven months from the time it went under contract to complete the due diligence and close.
At the present time. Panattoni is preparing the site, with the product available by April 2009.  This nationwide commercial real estate developer is very excited to lock into this particular piece of land due to the major benefits of freeway exposure in a market that is very active.  Land sites like these on the north side of town are becoming increasingly difficult to find.  That is really what appealed to them:  a major site, major intersection, with off ramps and on ramps right there as well as excellent ingress and egress to the site.