Cook: Timmons International purchases O’Neal site
Timmons International has purchased a 7.5-acre tract at the southeast corner of O'Neal Lane and Old Hammond Highway from J. Hunter Development for $1,285,000. At about $4 per square foot, the sale closed on Oct. 20. The tract was originally purchased by Floyd Saizon for speculative investment in 2006, but he passed away a few years later and his heirs decided to sell the property. Timmons International plans on putting a large truck sales and service facility on the site. Ross Berthelot of Prime Realty Group represented the seller, and Ben Skillman of Skill Real Estate represented the buyer. The price was affected to some degree by required mitigation. The property is partially below the flood zone; in order to bring it out, retention ponds will have to be constructed, which will make the remaining portion of the site suitable for development. The property was listed for sale under its rural zoning, and Timmons International had it rezoned for its proposed commercial use during its due diligence period.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
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