(Read more on the multifamily market.)
LAGUNA VISTA, TX-Landmark Land Co. Inc. of Upper Marlboro, MD has contracted to purchase a 1,500-acre tract adjacent to its South Padre Island Golf Club on the Texas Gulf Coast. When the deal closes in about four months, Landmark will pay $4.5 million cash or $3,000 per acre to Dixie South Texas Holdings Ltd.
A representative for Landmark CEO Gerald G. Barton tells GlobeSt.com that the company's expansion plans for its only asset in Texas calls for a mix of residential product to be developed on 700 developable acres and retail projects going up on about 20 acres. The remaining 800 acres, adjacent to the 700 acres, consist of wetlands and other environmentally sensitive acreage that aren't suitable for development.
The sales contract gives Landmark a 90-day due diligence period. The deal would close 30 days after the due diligence period ends, providing the investigative results are satisfactory, according to Landmark.
The South Padre Island Golf Club, situated at 1 Golf House Rd., sits at the tip of the island. Its existing residential component includes casitas, villas and townhouses. The 18-hole, par 72 championship course is the drawing card along with the oceanfront location, but the full amenities package also includes a 5,000-sf residence club, swimming and tennis, fitness center and sit-down restaurant.
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