HOUSTON – (Realty News Report) – A lesson in perseverance that could be record-worthy.
It wasn’t a blockbuster transaction, the site wasn’t glamorous, and it certainly wasn’t a quick flip. But in terms of sheer patience in real estate, this sale stands out.
Marshall Clinkscales, executive vice president at Colliers International, recently closed the sale of 13.2 acres at the northwest corner of Red Bluff Road and Fairmont Parkway in Pasadena after having the property on the market for 18 years.
The message for younger brokers is straightforward: persistence pays off.
The story began in March 2000, when Clinkscales listed two adjoining tracts totaling 26.2 acres on behalf of land investors Adolph Susholtz and Max Friedman. The asking price was $4 per square foot. One of the 13-acre parcels sold relatively quickly and today hosts a retail center.
The second 13-acre parcel, however, proved far more difficult to move. It languished on the market through multiple economic cycles—booms and busts alike—and drew interest from a variety of potential buyers over the years, including multifamily developers, convenience-store operators and shopping-center developers.
“On several occasions, we had the property under contract, but it did not close for various reasons,” Clinkscales recalls.
During that long stretch, the original owners passed away and their sons assumed control of the property. Clinkscales also changed firms: after closing his previous company, MSC Properties, he joined Colliers and retained the challenging listing.
At last, late last year a prospective buyer emerged: Matt Fuqua, who pursued plans to develop the site. After completing due diligence, the transaction closed a few months ago.
“Eighteen years really does fly by if you are having fun,” Clinkscales says. “And one final note: the tract sold for more than $4 a foot.”