Rockspring Capital announced today that it has acquired a second land parcel of 1.19 acres in the Houston 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 at the intersection of Grand Boulevard and Alice St. The buyer was represented by Davis Adams of McAlister Real Estate and the seller was represented by Sam Sheff of Grubb & Ellis.
“This recent acquisition of an in-fill site in Houston’s Medical Center is further validation of our investment strategy to acquire land sites quickly and opportunistically with all cash” said Jim McAlister IV, President and CEO of Rockspring Capital. “This site is one of the few remaining development sites in one of the fastest growing employment centers in Houston. The seller sold to us because our deal was all cash and didn’t require the typical lengthy and onerous lender approvals” 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.