Monday , 27 March 2017
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Texas Oil Boom Generates Another Real Estate Deal for Transwestern

HOUSTON —  Ask any real estate broker in Texas: the oil boom is great for real estate. In a deal announced Monday, Transwestern’s Houston headquarters brokered the sale of a 112-acre tract of land located at FM 1960 and Bronze Road in North Houston for a manufacturing plant that will produce drilling rigs for the oilfield. This is the latest in a long list of deals – industrial and office – that have been completed to support the domestic energy industry. The acreage was purchased for an undisclosed amount by Ligomar LLC and Orinkola Supply LLC, which plan to develop the site into a manufacturing facility for drilling rigs. Transwestern’s A. David Schwarz III, vice president, and Carlos Bujosa, vice president, represented the seller, Skinner Lands Turkey Creek. Ivan Arjona with RE/MAX Woodlands represented the buyer.

“The buyer realized the former Skinner Nursery property is a great industrial site to locate their manufacturing plant in North Houston,” said Schwarz.  “The site is located on the North side of FM 1960 directly across from Bush IAH with superb access to both Highway 59 North and Interstate 45.”

Drilling in Texas’ Eagle Ford Shale and Permian Basin, some the richest oil fields in the world, have created a significant amount of economic activity in Houston, a hub for the energy business. Vast amounts of steel have been imported into the Port of Houston in recent years for manufacturing of oil field equipment, drilling rigs and pipe.  Advances in drilling technology and hydraulic fracturing, also known as fracking, has allowed energy exploration into fields that could not have been tapped otherwise.

The energy boom has made Houston a leader in job growth and the city’s office space is exceptionally full. The Energy Corridor office market in west Houston has an occupancy rate over 99 percent.

 

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