CORFAC News

For Additional Information:
Stephen A. Scott, CCIM
972-776-7022

Dallas, TX (March 25, 2013) – C. D. Henderson Construction Group LLC, managing partner of a lenders' group, has foreclosed and flipped nearly 33 acres of multifamily-zoned land in Denton County.

The new owner of the Carrollton site is J. Liu Property Co., which was represented by Wee-Ping Low of Providia Commercial Real Estate, both based in Dallas. Stephen A. Scott, senior vice president of Bradford Commercial Real Estate Services, represented the seller.

The sale to Liu culminates nearly one year of the seller's attempt to gain control of acreage along Old Denton Road (FM 2281), directly across the street from the entrance to the 2,500-acre Castle Hills, the National Association of Home Builders' 2012 Community of the Year.

"It was a miracle deal. It went under contract and closed on the same day," says Scott, who has worked closely for the past year with the seller of record, Carrollton-Old Denton Partners LLC, to develop a list of multifamily developers interested in the site. The seller held a first lien, but was unable to take the deed earlier through foreclosure because the asset was part of a bankruptcy case. The group of lenders was the only bidder for the land at the Denton County Sheriff's March 5 sale.

"Liu is a savvy land speculator," Scott says. "We have a number of quality developers who'd like to have the site, but the Planned Development needs to be revised from single-story independent living to garden-style apartments. At this time, Liu's plan is to seek that revision from the City of Carrollton."

The 32.8-acre tract of raw land could hold up to 250 apartments. Liu's new investment is situated a quarter-mile north of Hebron Parkway/Park Boulevard and close to the Sam Rayburn Tollway. Tucked into a neighborhood of single-family residential communities and retail, the property abuts the 59,365-sf Hebron Heights Shopping Center and is kitty-corner from a Kroger-anchored retail center.

About Bradford Commercial Real Estate Services/CORFAC International
Bradford Commercial Real Estate Services/CORFAC International is a full-service real estate company based in Dallas with an annual transactions volume exceeding five million square feet. The company manages and leases more than 20 million square feet, valued at $300 million, in North Texas for its strategic partners.

About CORFAC International
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged over 8,500 completed transactions annually totaling more than 600 million square feet worth an excess of $5.2 billion for their customers. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.