BIG LAND TRACT IN CYPRESS AREA TO CHANGE HANDS

A partnership led by Caldwell Cos. is in the process of buying the Bridgeland master-planned community northwest of Houston.
Japanese conglomerate Sumitomo Corp. is in line to be Caldwell’s financial partner in acquiring the 11,400-acre property consisting mostly of vacant land.
The buyer has been awarded a preliminary contract to purchase the land for $90 million to $95 million, according to a source inside the deal. Bridgeland is designed to include more than 20,000 homes and 65,000 residents when the project site in Cypress is built out in 20 years.
Bridgeland is being sold by General Growth Properties Inc. The Chicago-based owner of primarily retail properties filed for bankruptcy protection from creditors in mid-April. Bridgeland is not included in the bankruptcy proceeding.For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com