"The price is right," Steven Howard of Hillwood Investments told GlobeSt.com of this week's deal. Web-Real-Estate.com had approached Hillwood with the deal. Howard says there are no plans "at the moment" to list other Hillwood holdings outside the Dallas-Ft. Worth metroplex that have been deemed non-strategic assets. All of the properties already are posted on Hillwood's Web site. He did say other DFW holdings might be added to the listing.
Hillwood has been land banking the acquisitions for investment purposes from the early 1980s to 1991, Howard says, adding some had been picked up via auctions. "We strategically decided these are assets we're not likely to develop as Hillwood," he says.
The largest tract, 3,343 acres, is the Hunter Ranch in Denton, which entails frontage on the east and west sides of Interstate 35. Second in size is 662 acres in Northlake, the remnants of a 1,000-acre sale to Texas Speedway. The property is situated north of the speedway's ring road and practically neighbors Hillwood's Alliance development.
Also making the "for sale" list are 305 acres, positioned in Ft. Worth and northeast of Hillwood's Heritage development, a mixed-use, single-family project that has broken ground in recent months. In south Ft. Worth, Hillwood has placed 272 acres on the market. That site is adjacent to Risinger Road and its intersection with Interstate 35. A 99-acre tract is for sale east of Mesquite while a 54.5-acre holding off the NAFTA Highway and S. Corinth Street in Corinth also is on the "to go" list. Twenty-seven acres in Ft. Worth, along the Golden Triangle Boulevard and west of Texas 377, is up for sale as is a 25.5-acre tract at the corner of Loop 288 and Texas 377 in Denton.
A 52-acre tract in Plano has made the list, but those plans could change, Howard told GlobeSt.com. The property, he says, is "a prime candidate for development," giving rise to the possibility of development through a partnership or a solely financed Hillwood undertaking. But for now, it's up for sale. The acreage, bought around 1991, is positioned on the northeast corner of Plano Parkway and Dallas North Tollway.
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