Search
 

LNR Takes Down Balance of 305-Acre Land Option

FORT WORTH-Before infrastructure work begins on phase one, the developer closes the 141-acre second leg of its claim to the Presidio block in North Fort Worth.

By Connie Gore | Updated on December 28, 2007

FORT WORTH-LNR Property Corp. has exercised its option for another 141 acres of a 393-acre tract, commonly known as the Presidio. The just-closed deal puts the developer in control of 305 acres, with the 88-acre balance still up for grabs.

The mixed-use development site in North Fort Worth was marketed for $72 million or $4.25 per sf. The Newport Beach, CA-based LNR opted to take down the 305 acres in two stages, with the most recent closing delivering the frontage on the recently completed North Tarrant Parkway. “This property that they just bought controls all the frontage on North Tarrant Parkway,” says Steve Williamson, principal for Transwestern Dallas. “The retail is going in this section.” And if his calculations match up to LNR’s final plan, there will be at least one million sf of retail planted on the site.

“Not only is it the best development piece of property in North Fort Worth, but I believe it’s the largest commercial land transaction in Fort Worth this year,” Williamson tells GlobeSt.com. The seller, Diversified Asset Planning of Las Vegas, bought the land last February from Dallas-based Legacy Capital Co.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.