Rockspring Capital announced today that it has acquired a 3.65 acre land parcel in the Texas Medical Center.
Rockspring Capital acquired the land on behalf of its seventh fund, Opportunity Land Fund No. 7, LP, on December 29, 2010. The site is located on Grand Boulevard in Houston and has an 85,000 SF industrial building partially leased and currently generating income. The site offers promising potential as a major redevelopment play for a medical-related company. The buyer was represented by Davis Adams of McAlister Real Estate and the seller was represented by Sam Sheff of Grubb & Ellis.
“We continue to execute our investment strategy of acquiring opportunistic land sites quickly and with all cash” said Jim McAlister IV, President and CEO of Rockspring Capital. “This in-fill Medical Center site is one of the few remaining parcels available in one of Houston’s fastest-growing employment centers. Our all-cash buying strategy is very attractive to sellers because we can close on time and without lender contingencies” he continued.
Rockspring Capital is a second-generation land investment firm founded in 1973 whose strategy is to acquire opportunistic land parcels and residential lots in high growth areas. Rockspring Capital acquires with all cash in markets within the “Texas Triangle” – Houston, Austin, San Antonio and Dallas/Ft. Worth. The company is now raising capital for its seventh investment fund – Opportunity Land Fund No. 7, L.P., which is targeted at $100 million.