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Remington Partners Acquires Development Site In Dallas From Blue Star Land
SOLDDevelopment Site

Remington Partners Acquires Development Site In Dallas From Blue Star Land

Dallas

Building Size

Asset Type

Development Site

Closing

Jul 11, 2023

AI

Dallas Cowboys owner Jerry Jones' Blue Star Land has sold two corner properties in Celina and Prosper, north of Dallas, to Remington Partners for the development of grocery-anchored shopping centers. The properties, located at the northeast and southeast corners of Preston Road and Frontier Parkway, cover a total of 35 acres. The transaction took place on July 11, 2023, in Dallas.

Summary of transation details

This sale marks a departure from Jerry Jones' usual land acquisitions in the area. The buyer, Remington Partners, plans to develop grocery-anchored shopping centers on the acquired properties. However, no further details regarding the transaction amount or the specific plans for the development have been provided.

Players

Matthew Kiran

Rex Real Estate

Broker

2 deals

Broker

Jerry Jones

Blue Star Land

Seller

2 deals

Seller

Texas Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93