Hunt Realty Investments Inc. has closed on the purchase of the Headquarters Ranch, a more than 2,500-acre site that’s one of the largest contiguous land assemblages in Frisco.
The 2,544 acre site is on Frisco’s northern edge has significant frontage along the Dallas North Tollway, Preston Road and Highway 380. Show Full Story
Hunt Realty led the off-market acquisition and bought the site along with its lead investment partner, Chief Partners LP, for an undisclosed sum from the estate of Bert Fields Jr. Other investors include CrossTie Capital Ltd. and The Karahan Cos.
"We are fortunate to have the opportunity to purchase such a coveted piece of land that has been under the stewardship of Bert Fields," Chris Kleinert, president of Hunt Realty Investments Inc., said in prepared remarks. "We see extraordinary development potential for the site, alongside our capital partners, and look forward to creating the next exciting chapter in the history of Frisco.”
Hunt Realty will master-develop the large, mixed-use planned development, alongside the Karahan Cos., led by Fehmi Karahan, who developed much of Plano’s Legacy area.
Anticipated development in Frisco will include commercial, office, retail, single-family and multifamily residential, and education, amongst other potential uses, Hunt Realty said in a news release.
Development is expected to begin in 2019.
"I look forward to working with the team and the city of Frisco on this iconic tract,” Karahan said in a statement. “Despite its prime high-growth location, it is as though this jewel has been preserved for something extraordinary, and that's what we hope to create.”
Frisco Mayor Jeff Cheney said the land features elevation changes, rolling terrain and creek corridors. He called it “some of the most beautiful, unique landscape in our city.”
”To be able to work with a team of this caliber is an exceptional opportunity for the city of Frisco,” Cheney said in a statement. “It's not every day we get to help master plan more than 2,500 acres holistically.”
Hunt Realty Investments serves as the centralized real estate investment and development company for the Ray L. Hunt family of companies and has been active in the real estate development, acquisition, ownership and investment business for over 40 years.
Chief Partners was founded in 2007 by Bill Vanderstraaten in partnership with Trevor Rees-Jones to serve as the commercial real estate investment arm of the Rees-Jones family office.
The Karahan Cos. is an integrated real estate development, property management and investment operation involved in DFW since 1982. The company was master developer of both The Shops at Legacy and — most recently — the 245-acre Legacy West office, residential and retail development.