(Read more on the multifamily market.)
LAGUNA VISTA, TX-Landmark Land Co. Inc. of Upper Marlboro, MDhas contracted to purchase a 1,500-acre tract adjacent to its SouthPadre Island Golf Club on the Texas Gulf Coast. When the dealcloses in about four months, Landmark will pay $4.5 million cash or$3,000 per acre to Dixie South Texas Holdings Ltd.
A representative for Landmark CEO Gerald G. Barton tellsGlobeSt.com that the company's expansion plans for its only assetin Texas calls for a mix of residential product to be developed on700 developable acres and retail projects going up on about 20acres. The remaining 800 acres, adjacent to the 700 acres, consistof wetlands and other environmentally sensitive acreage that aren'tsuitable for development.
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