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11/01/07
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DALLAS (Nov. 1, 2007) – LNR Property Corporation’s Commercial Property Group (“LNR”), the company’s real estate development and investment division, today announced it acquired phase one of The Presidio, a mixed-use development site in Fort Worth, Texas.
The total mixed-use development area will comprise more than 300 acres and represent one of the areas largest land acquisitions and mixed-use developments. LNR has options to acquire additional phases of the project.
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 is the premier site for mixed-use development in north Fort Worth,” said Ken Kristofek, senior vice president of LNR’s Southwest Region. “The city of Fort Worth is poised for growth. All of its new development, especially The Presidio, will enhance the area and help it continue to flourish.”
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 provides LNR’s Southwest Region an excellent opportunity to expand its presence in the Dallas-Fort Worth markets,” added Kristofek.
The property was acquired from Las Vegas-based real estate developer Diversified Real Estate Group.
“LNR is lead by an experienced management team focused on developing high-quality projects,” said Philippe Pageau-Goyette, president and CEO of Diversified Real Estate Group. “We look forward to working with the LNR team on future deals.”
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 Diversified Real Estate Group
Diversified Real Estate Group is a privately held, full service real estate development company with projects in the Southwest United States.
Comprised of a team of professionals, whose combined expertise facilitates the acquisition of premiere real estate development opportunities in major metropolitan areas, its extensive resources enable it to act quickly when the right opportunity is presented.
Its product lines are geared toward specific end-user demographics and its cutting edge philosophy is driven by the high standard of quality it promises and delivers.
Diversified Real Estate Group can be found on the Internet at www.diversifiedgrp.com
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