Leading up to D CEO’s Commercial Real Estate Awards event on March 20, we’re profiling the 41 finalists in our inaugural program, tackling one category a day. (There are 12 in all.) The winners will be revealed at the event—and in RealPoints on March 21. Today we present the three finalists for Best Land Sale.
UPDATE: Scroll down to see the winner.
After the recession killed plans for retail, entertainment, and residential developments within Mercer Crossing, the site, which lies within the triangle created by State Highway 121 and Interstates 635 and 35-E, was considered for the new Cowboys Stadium and Nebraska Furniture Mart. Those high-profile projects landed elsewhere, though, paving the way for Billingsley Co. to snap up 225 prime Mercer Crossing acres. It was one of the largest land sales in 2012—and the largest infill tract sale of the last five to 10 years. About 140 acres lie within Farmers Branch; the other 85 are within Dallas.
The seller in the deal was Armed Forces Bank N.A. of Kansas City, represented by Darrell Hurmis and Ben Chien of Henry S. Miller Brokerage. Initial plans call for Billingsley to develop high-end industrial space on the eastern side of the parcel. Chien said the industrial park will create a nice buffer between the interstates and potential high-end mixed uses. He and Hurmis were awarded the assignment in February 2012. “Its location is the epicenter of North Texas, population-wise,” Hurmis said. “It’s the last large tract of land in Farmers Branch, and will provide users excellent access upon the completion of the LBJ Express project.”
The sale of 337 acres on Pleasant Run Road in South Dallas to Prime Rail interests stands out not only because it was the largest land transaction of 2012, but because it is an important part in completing the rail infrastructure for the southern part of the International Inland Port of Dallas. It also completes assemblage for a 3,000-acre development called Prime Pointe. Designed for a heavy concentration of manufacturing and rail usage, it will be the largest industrial park in North Texas outside of Alliance in North Fort Worth. When complete, it’s expected to have an economic impact of $6 billion and create 7,500 jobs in southern Dallas.
The deal was put together by Tom Pearson, Chris Teesdale, and Ward Richardson of Colliers International. American Bank of Texas was the seller. Prime Rail Interests, led by Mike Rader, “has the commitment, the vision, and the capital to transform the area into a major distribution hub,” Pearson said. “It offers another reason companies will find it easier to locate here in North Texas.” Teesdale said he expects the demand for rail-served sites to grow significantly in the coming years: “Our market is so well-positioned nationally and internationally already. The timing for this park couldn’t be better.”
A land deal that closed on Dec. 31, 2012, is set to have a profound impact on the city of Prosper. That’s because the buyer, Matthews Southwest, has big plans for the 157-acre tract at at the northwest corner of U.S. 380 and the Dallas North Tollway—a $1 billion mixed-use development that will support about 3 million square feet of retail, residential, office, medical, hotel, and entertainment space. The tract includes a 30-acre parcel sold by Centurion American, and a 127-acre tract sold by the St. Clair family. Centurion American was represented by Ken Reimer, David Davidson Jr., and Edward Bogel of Venture Commercial. David Davidson Sr. of Davidson Real Estate represented Matthews Southwest. The St. Clair family was represented by Ray Utley of A. Ray Utley & Co., and John St. Clair of Henry S. Miller Brokerage in direct negotiations with the developer.
City officials and the Prosper Economic Corp. played a key role in supporting the yet-to-be-named project. “This development will be an economic engine that all of Prosper will benefit from,” St. Clair said. Work is expected to get under way this spring. “In my 40 years in this business, I have watched growth continue to the north, prompting major retail developments along the Dallas North Tollway and Preston Road,” said Davidson Sr. “(This) is the next prime location for a major mixed-use development.”
WINNER: This year’s Best Land Sale goes to Prime Pointe. Click here for a complete list of winners and finalists from this year’s Commercial Real Estate Awards.