The sale comes close to a new low benchmark for local land sales at less than $1 per square foot, or nearly $27,800 per acre. Eola Capital would not comment last week on its plans for the property.
Crescent Resources filed Chapter 11 in June in US Bankruptcy Court in Austin, TX. The regional developer listed 120 subsidiaries and more than $1 billion in assets and liabilities.
The joint venture between Duke Energy Corp. and Morgan Stanley Real Estate Funds has interests in 10 states in the Southeast and Southwest touching on mixed-use, multifamily, office, industrial and retail development. Rumors are already flying that Crescent Resources seeks to sell some of its more prestigious assets in various markets, including the new Corporate Center Four at International Plaza office building in Tampa's Westshore submarket.
Eola Capital evidently isn't averse to making deals. Earlier this year, it purchased the 10-story Westshore 500 office building along Interstate 275 in Tampa for just over $20 million, or $155 per square foot.
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