Maxwell Closes On Land for $80M Office, Hotel

HOUSTON-Local developer J. Troy Maxwell has acquired one of the few remaining tracts in the 550-acre master-planned Park 10 from Real Estate Partners of West Houston for a 180-key Comfort Inn and a 300,000-sf, two-building office project. At the closing, he flipped 2.3 of the 7.8-acre tract to the hotel developer.

The all-in cost for the mixed-use project near the Interstate 10-Texas 60 junction is estimated at $80 million. William Forrest, senior adviser for Sperry Van Ness in Houston, tells GlobeSt.com that the hotel developer, Aroon Patel, will begin construction after the first of the year on the Comfort Inn.

Forrest, who represented both buyers in the two-tiered transaction, says the permitting process has begun for the office project. He says he could have everything completed for the construction launch by next spring.

“This parcel was close to the last piece available out there,” Forrest says. “Park 10 was dormant several years ago, but it’s booming out there now and not many tracts of land are available.” He says the Comfort Inn will provide much-needed hotel space to an area that is underserved when it comes to hospitality services. “There are some hotels out there, but not nearly enough for the area,” he adds. “The area will need more hotels and restaurants and office buildings, especially for vendors working with the energy companies out there.”

Greg Stackhouse, senior vice president with Dallas-based Retail Connection’s Houston office, represented Real Estate Partners of West Houston. Robert Anthony, president of LandStar Realty Advisors Inc. in Houston represented Maxwell in the 2.3-acre flip to Patel.