Meanwhile in Grand Prairie, about 500 acres of prime land had hit the auction block this week. Some 174 acres has gone to a single-family developer, who paid roughly $4 million. The auction house reportedly is in negotiations with other single-family developers for the balance of the property along the Great Southwest Parkway, Lake Ridge Parkway and Interstate 20.
The Grubb & Ellis auction is set for July 26. It is being handled by Bill Vaughan, vice president of the investment group, and associate Rob West on behalf of Houston-based owner, the Martha, David and Bagby Lennox Foundation. Sam Hocker, a Grubb & Ellis senior vice president, represents the Lennox Foundation. Eddie Haynes Inc. of Oklahoma City has been hired to conduct the sale.
Auction proceeds, say Grubb & Ellis, will benefit the foundation, which supports Texas-based educational endeavors, land and nature conservation and historical preservation in the state. The property has been amassed from seven farming operations, all under the same ownership for about 80 years. "The auction," says Hocker, "will enable the Lennox Foundation to convert the land assets, allowing for further expansion of its philanthropic mission." The acreage has been divided into various size parcels, allowing for as little as seven acres to be had.
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