Monday, August 27, 2012

Hines buys Valley Ranch development sites


Houston-based real estate firm Hines has snapped up two development sites in Irving's Valley Ranch community.
Hines bought almost 27 acres on Valley Ranch Parkway just north of LBJ Freeway from Wells Fargo Bank.
"It's the two corners at LBJ," said Jones Lang LaSalle's Larry McCorkle who brokered the sale along with Michael Swaldi. "We had it under contract a couple of times after it was foreclosed on last year."
McCorkle said the residential property is just west of a greenbelt and park area.
A Hines land investment company bought the property, said spokeswoman Kim Jagger. "We are still working on our plans for the site," she said.
Hines has purchased and developed several tracts of land in the nearby Las Colinas community for residential developments.
The company is best known in North Texas for its big commercial projects like the Dallas Galleria.

By STEVE BROWN

Real Estate Editor

Dallas Morning News