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IRVING, TX-Today’s anticipated closing has crossed the finish line, with Las Colinas Land LP handing over the balance of its undeveloped land to Houston-based Hines. Though buyer and seller won’t discuss the price, industry sources say the land–600 net acres or 792 gross acres–has changed hands for slightly more than $4 per sf.

To win the deal for the prized Las Colinasacreage, Hines single-handedly beat a $109-million offer by Prime Income Asset Management Inc., a Dallas investment group led by a family trust controlled by Gene Phillips, who is reputed to be the largest landowner in the Dallas area. A Hines executive says it used a combination of equity and debt to make the close.

A Hines contact tells GlobeSt.com that the going-forward plan is to develop some acreage on its own and sell some to “capable developers.” In a press release confirming the sale, Hines says the most likely uses are office, medical office, retail, hotel, multi- and single-family housing.

“Having been in Dallas for over 30 years, we are very familiar with and sensitive to the community values that exist in Las Colinas,” Hines vice president Rob Witte says in the release. “We are looking forward to continuing the outstanding development our predecessors have put in place.” The acreage is eight miles from the Galleria, which Hines developed 23 years ago, 12 miles from the Dallas CBD and five miles from Dallas/Fort Worth International Airport.

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