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Hunt Realty-Led Investment Group Buys 2,500-Acre Tract for Frisco Mixed-Use Project

Legacy West Developer Fehmi Karahan Part of Team Looking to Transform Land Bought from Late Oilman Bert Fields' Estate
August 9, 2018
Map of Headquarters Ranch in Frisco, TX.

Dallas-based Hunt Realty Investments has closed on a massive 2,544-acre tract in the fast-growing city of Frisco, Texas, for the future site of an expansive mixed-use project that could help shape the future northward development of Dallas-Fort Worth.

Hunt Realty acquired the acreage, spanning the Dallas North Tollway between Panther Creek Parkway and U.S. 380, with the help of its lead investment partner, Chief Partners LP. Other investors in the group backing the project include The Karahan Cos., CrossTie Capital, Ltd. and the estate of Bert Fields Jr., which sold the tract to the Hunt Realty-led investment group for an undisclosed amount.

The partnership is looking to transform the land, which has been named Headquarters Ranch, into a master-planned, mixed-use project, said Chris Kleinert, president of Hunt Realty.

"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," said Kleinert in announcing the deal. "We are fortunate to have the opportunity to purchase such a coveted piece of land that has been under the stewardship of Bert Fields."

Fields, a prominent North Texas banker and oilman, died in January 2015. His massive land holdings sprawl throughout Frisco and Denton County.

Headquarters Ranch in Frisco is expected to include office, retail, apartment, education and single-family real estate. Other potential uses are being considered with details of the project still taking shape.

One of the investors in the project, The Karahan Cos., is led by master developer Fehmi Karahan, who created the vision for the $3.2 billion Legacy West mixed-use development in Plano.

Legacy West lured major corporate players, such as Toyota North America, Liberty Mutual Insurance and JP Morgan Chase, to the 255-acre development.

Karahan said teaming up with the city of Frisco and the other investors presents "a great opportunity" for the longtime developer.

"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," Karahan said in a news release.

Details of the partnership between the city of Frisco and the investment group were not immediately available.

Mayor Jeff Cheney said the city will help develop a master plan, which will incorporate the land's natural elevation changes, rolling terrain and creek corridors.

"It's some of the most beautiful, unique landscape in our city, and now it will serve as a stunning gateway to our community for future generations," he added.

Construction on Headquarters Ranch is slated to begin in 2019.

Candace Carlisle, Dallas-Fort Worth Reporter  CoStar Group   
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