Colliers is pleased to announce the sale of a 10,000 square foot freestanding building located at 4920 River Falls Drive in Sugar Land, Texas. The buyer, Cynet Capital, was represented by Zhen Liang of PY Realty Co. Bill Insull and Todd Moore of Colliers represented the seller, Crest Ridge, in the transaction.
“Through our marketing efforts, we were able to generate a lot of interest in the property and, in the end, had two competing offers to realize maximum value for the bank,” said Bill Insull of Colliers.
The former childcare facility is situated on a 1.16 acre lot, adjacent to the Grand Parkway, along River Falls Drive just north of Interstate 69. The property features an enclosed yard/playground, monument sign and abundant parking. Cynet Capital plans to operate a school at the property.
The property is located in Houston's Far Southwest retail submarket. The submarket contains 12.7 million square feet of retail space, which is currently 94 percent occupied. The average asking rate in the submarket is $21.90 per square foot; however, rental rates can range anywhere between $20.00 to $80.00 per square foot depending on the age, size and location of the space.