Monday, December 10, 2012

Developers purchase key building site on Riverfront Boulevard in Dallas

The vacant property that just changed hands is at the foot of the new Margaret Hunt Hill Bridge on Riverfront Boulevard. 
A real estate group that includes Mockingbird Station builder Ken Hughes has purchased about 25 acres on Riverfront Boulevard at the foot of the new Margaret Hunt Hill Bridge.
The vacant development site was acquired from lender PlainsCapital Bank, which foreclosed on the property last year, Dallas County deed records show.
Hughes and the investors have spent more than six months studying development plans for the property, which previously was earmarked for an apartment and retail complex.
“With that location right by the bridge, they got a heck of a good property,” said broker Tom Youngblood with Wicker & Associates, who marketed the land for the bank.
Youngblood said that his firm considered multiple offers for the property.
“We had a bunch of bottom feeders at $5 and $6 per square foot,” he said. “These buyers paid well over $10 per square foot for the land.”
Youngblood said the buyers still have to complete the purchase of a smaller 5-acre tract north of the bridge.
County records show that the property buyers include a Houston-area energy firm that is an equity partner in the deal.
Hughes has previously said that the land will mostly be used for apartments.
The previous owner was Irving-based developer JPI, which had planned to build an urban-style apartment and retail complex.
The land at one time was the site for warehouses and a rail yard.
It’s now just west of the Victory Park project and across the river from the new Trinity Groves restaurant and retail complex in West Dallas.
By STEVE BROW Real Estate Editor