NAI BT COMMERCIAL COMPLETES THREE GROUND LEASE SALES

PEARLAND, LEAGUE CITY AND HOUSTON, TEXAS — The San Francisco office of NAI BT Commercial has completed the sales of three ground leases in the Houston metropolitan area. In the first transaction, a private investor purchased a 2.15-acre ground lease located at 11019 Shadow Creek Pkwy. in Pearland and a 1.84-acre ground lease located at 3140 Gulf Freeway South in League City. The former site contains a Cracker Barrell restaurant and the latter site contains a McDonald’s. The properties traded for a total of approximately $5.94 million. NAI’s Bob Sanner and Rick Sanner represented the same buyer in both transactions, as well as the seller in the first deal. Additionally, NAI’s Andy Bogardus and Chris Sheldon represented both parties in the sale of a 1.5-acre ground lease located in Houston. The property, which traded for $3.5 million, is currently leased to Wachovia. The parties in both transactions were undisclosed.