"There are no immediate plans for the property, but they are exploring a lot of different options," Bill Vaughn of Vaughn Commercial Realty Group Inc. in Southlake tells GlobeSt.com. Vaughn, a former vice president of investment sales for Grubb & Ellis Co.'s Dallas office, arranged the private equity placement to facilitate his first closing as an independent.
The options are plentiful since the acreage takes up the west side of Interstate 35W and abuts US Highway 287, neighboring the heart of Ross Perot Jr.'s AllianceTexas. It's simply one of those rare opportunities to get a large land tract in the immediate area without sitting down at the closing table with Perot's Hillwood team.
Vaughn says the sale essentially transfers all Dell-owned land. It did have options, though, for almost another 300 acres, all amassed in the last few years as the computer giant plotted a campus and then shelved the plan in 2002 amid sagging sales and the changed economy.
Prices aren't being made public, but dirt in the area previously sold for $5 per sf for smaller tracts and $1 per sf to $2 per sf for larger blocks.
Vaughn says the development will be the largest undertaken by Legacy Capital Partners, whose principals are Steven D. Saxon and Peter Aberg, both of Dallas. Vaughn says the duo got the land under contract before it could be listed for a start-to-finish close of just a few months.
The buyer didn't get Dell's 60-year tax abatement package from Fort Worth, a plan embedded with breaks reportedly ranging from $70 million to $600 million. But, the buyer did assume a Dell commitment to bring utilities to the site, Vaughn says. The buyer specializes in positioning raw land for development so the infrastructure pledge most likely wasn't a particular stickling point in the negotiations.
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