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1/15/08
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DALLAS (Jan. 15, 2007) – LNR Property Corporation’s Commercial Property Group, the company’s real estate development and investment division, today announced it acquired phase two of The Presidio, a mixed-use development site in Fort Worth, Texas.
This purchase marks the company’s second land acquisition of The Presidio within eight weeks.
Phase two will consist of 135 acres of retail, office and other commercial space. LNR Property Corporation acquired phase one in Nov. 2007, marking one of the areas largest land acquisitions. The total mixed-use development area will comprise more than 300 acres.
The project will feature more than 1 million square feet of retail, restaurants and shops; 1,300 apartment units and 750,000 square feet for hotel, fitness, Class “A” office and medical uses. Construction on the site is scheduled to begin in January 2008.
The Presidio links the Interstate 35 West and U.S. Highway 287 Trade Corridors. Its visibility is solidified by more than 10,000 lineal feet of highway frontage and easy access from major freeways, North Tarrant Parkway and Harmon Road.
“The Presidio’s location makes it an ideal mixed-use site,” said Ken Kristofek, senior vice president of LNR’s Southwest Region “The acquisition of phase two allows LNR Property Corporation to continue adding new development and enhancing the north Fort Worth area.”
LNR Property Corporation also selected The Weitzman Group as the leasing company for The Presidio.
“The Weitzman Group has a thorough knowledge of the area and is well connected,” added Kristofek. “We are confident that The Weitzman Group will find the right tenants for this premiere development.”
About LNR
Headquartered in Newport Beach, Calif., LNR Property Corporation’s Commercial Property Group operates as the real estate development and investment division of the company. LNR Property Corporation is a $3 billion private company with its corporate headquarters located in Miami Beach, Fla.
LNR is a market leader in the master planning and development of commercial properties and is invested in large commercial developments and redevelopment transactions that range in size from $10 million to more than $100 million. Supported by 15 offices across the United States, LNR has been responsible for the successful development, redevelopment and repositioning of more than 1,000 properties in 33 states during the last 15 years. Its expertise extends to a range of property types including office, industrial, retail, apartments, hotels, land and military base reuse. Additional information on LNR’s Commercial Property Group can be found on the Internet at www.lnrcpg.com.
About The Weitzman Group
The Weitzman Group is a full range commercial real estate service company. Through its three major divisions; Commercial Retail Division, Corporate Services Division and Investment Properties Division, it specializes in retail tenant representation, retail project leasing, general retail brokerage, acquisitions and dispositions, office tenant representation, office project representation, industrial property brokerage, income property acquisition, income property disposition and land for investment and development.
It is currently leasing more than 41 million square feet of retail space throughout Texas. Additional information about The Weitzman Group can be found on the Internet at www.weitzmangroup.com.
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