IRVING, TX—A key commercial site within Irving's master-planned Las Colinas development recently changed hands, opening up office space for lease. Communities Foundations of Texas recently sold 30 acres of land located at 1925 W. John Carpenter Fwy., at Carpenter Freeway and President George Bush Turnpike.
The buyer was an unidentified limited liability corporation that already owned the 405,432-square-foot class-A office building on the property and via the sale, now owns the land. The building is being marketed for lease and is multi-tenant, GlobeSt.com learns.
Larry Denisoff and Matthew Rosenfeld with Weitzman handled negotiations for Communities Foundations in cooperation with Brian Doyle of CFT, a nonprofit organization based in Dallas that supports charitable giving across the region.
The building was constructed in 1987. The original owner was Mercantile Bank (later MBank), which maintained ownership of the building while deeding the land to MCharities, which later donated it to Communities Foundations of Texas.
“This was a very complicated deal,” Denisoff said. “The original transaction was done 30 years ago and once changed hands three times in one day during the 1980s. Trying to figure out the complexities of the original deal to make this transaction happen was a true challenge.”
Las Colinas is one of DFW's oldest master-planned communities, with origins in the 1970s. Comprising 12,000 acres, the development is a unique combination of commercial, residential, educational, recreational and retail land use developed with the environment in mind. Approximately 31,000 people live in Las Colinas in diverse residential options that range from urban lofts to upscale homes.
The business community encompasses more than 2,000 companies and a workforce of 103,000, GlobeSt.com learns. The development comprises 22.3 million square feet of office space and 8.5 million square feet of light industrial and distribution space. Retail space exceeds 1.3 million square feet. Las Colinas has a large presence of Fortune 500 companies and is also the global headquarters for ExxonMobil, Kimberly-Clark, Commercial Metals Company and Fluor Corporation. It is just 10 minutes from the Dallas/Fort Worth International Airport.
Las Colinas offers amenities that appeal to both homeowners and business executives alike, including access to all major thoroughfares; a variety of entertainment, dining and recreational venues; and hundreds of acres devoted to parks, waterways and greenbelts.
IRVING, TX—A key commercial site within Irving's master-planned Las Colinas development recently changed hands, opening up office space for lease. Communities Foundations of Texas recently sold 30 acres of land located at 1925 W. John Carpenter Fwy., at Carpenter Freeway and President George Bush Turnpike.
The buyer was an unidentified limited liability corporation that already owned the 405,432-square-foot class-A office building on the property and via the sale, now owns the land. The building is being marketed for lease and is multi-tenant, GlobeSt.com learns.
Larry Denisoff and Matthew Rosenfeld with Weitzman handled negotiations for Communities Foundations in cooperation with Brian Doyle of CFT, a nonprofit organization based in Dallas that supports charitable giving across the region.
The building was constructed in 1987. The original owner was Mercantile Bank (later MBank), which maintained ownership of the building while deeding the land to MCharities, which later donated it to Communities Foundations of Texas.
“This was a very complicated deal,” Denisoff said. “The original transaction was done 30 years ago and once changed hands three times in one day during the 1980s. Trying to figure out the complexities of the original deal to make this transaction happen was a true challenge.”
Las Colinas is one of DFW's oldest master-planned communities, with origins in the 1970s. Comprising 12,000 acres, the development is a unique combination of commercial, residential, educational, recreational and retail land use developed with the environment in mind. Approximately 31,000 people live in Las Colinas in diverse residential options that range from urban lofts to upscale homes.
The business community encompasses more than 2,000 companies and a workforce of 103,000, GlobeSt.com learns. The development comprises 22.3 million square feet of office space and 8.5 million square feet of light industrial and distribution space. Retail space exceeds 1.3 million square feet. Las Colinas has a large presence of Fortune 500 companies and is also the global headquarters for ExxonMobil,
Las Colinas offers amenities that appeal to both homeowners and business executives alike, including access to all major thoroughfares; a variety of entertainment, dining and recreational venues; and hundreds of acres devoted to parks, waterways and greenbelts.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
