The 2,544 acre site is located on the northern edge of Frisco with significant frontage along the Dallas North Tollway, Preston Road, and Highway 380 and is the largest, contiguous land assemblage in Frisco.
Hunt Realty led the off-market acquisition and purchased the site along with its lead investment partner, Chief Partners, L.P. Other investors include CrossTie Capital, Ltd., The Karahan Companies and the Estate of Bert Fields, Jr.
“We are fortunate to have the opportunity to purchase such a coveted piece of land that has been under the stewardship of Bert Fields,” said Chris Kleinert, President of Hunt Realty Investments, Inc. “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,” Kleinert added.
Hunt Realty will master develop the large, mixed-use planned development, alongside the Karahan Companies, led by Fehmi Karahan. Anticipated development uses will include commercial, office, retail, single-family and multifamily residential, and education, amongst other potential uses.
Bill Vanderstraaten, President of Chief Partners said, “For years, the Rees-Jones family has enjoyed a close relationship with the Hunt family, and we are very happy to be partnering with them on this opportunity.”
“The Fields land presents a rare opportunity for the City of Frisco and teaming up with the Hunt and Rees-Jones families presents a great opportunity for me,” said Fehmi Karahan. “I look forward to working with the team and the City of Frisco on this iconic tract. 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.
“We’re honored to be collaborating with such an esteemed, internationally renowned group of partners and investors,” said Mayor Jeff Cheney. “To be able to work with a team of this caliber, is an exceptional opportunity for the City of Frisco. It’s not every day we get to help master plan more than 2,500 acres holistically. We’re also grateful to the Fields estate and its stewardship of the land featuring 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. We can’t wait to see the team begin shaping this landscape into a dynamic destination for residents, visitors and businesses.”
Development is expected to begin in 2019.
Diane Hornquist works with the general counsel to oversee legal activities associated with various land development and operating company initiatives. Hornquist began her legal career at the Dallas office of Jackson Walker LLP in the real estate section.
Mike Wallace is responsible for all aspects of Hunt Realty Investments overseeing the firm’s direct-owned real estate portfolio, operating company investments and other real estate activities. He is responsible for sourcing and structuring all new investment activity, as well as Hunt Realty’s interaction and investment relationship with other Hunt-related entities.
Throughout his career, he has been involved in investments in single-assets, real estate portfolios, distressed loan portfolios and private and publicly-traded companies including equity, preferred equity, mezzanine and participating debt investments. His experience spans a broad array of product sectors including office, multi-family, hospitality, retail, senior living, student housing, industrial, residential and land.
Prior to joining Hunt Realty, Wallace was with The Hampstead Group, a Dallas-based real estate private equity fund which invested approximately $1 billion on behalf of institutional and private investors. While at The Hampstead Group, his responsibilities included new investment opportunities in real estate portfolios, publicly-traded companies and distressed loan portfolio acquisitions as well as management of the fund’s investments. He also previously worked for EFO Realty, a real estate opportunity fund where he sourced and structured joint-venture equity investments.
Chris Kleinert is CEO and president of Hunt Consolidated Investments, LLC, and Co-CEO of its holding company, Hunt Consolidated, Inc. He is president of Hunt Realty Investments and oversees the operations of both Hunt Investment Group and Hoodoo Land and Cattle Company, as well as the financial activities of the holding company. Other business interests of Hunt Consolidated, Inc. include oil and gas exploration and production, petroleum refining, electric power generation and transmission. Kleinert’s affiliation with Hunt Consolidated began in 1996. Kleinert received an MBA with a concentration in finance from Texas Christian University and a BBA in marketing from Southern Methodist University. Prior to joining Hunt, he was employed by Texas Commerce Bank (now JPMorgan Chase) and General Mills. Kleinert serves on the Investment Committee of the Board of Trustees of Southern Methodist University and SMU’s Tate Lecture Board of Directors. He also serves on the Neeley School of Business International Board of Visitors at Texas Christian University, the Board of Trustees of the Communities Foundation of Texas, the Board of Directors of Amegy Bank -Dallas, and the Dallas Regional Chamber’s Board of Directors. Kleinert chairs the Board of Directors of the newly created Men’s Advocacy Group for New Friends New Life. In 2009, Chris and his wife, Ashlee, founded Executives in Action (EIA), a nonprofit organization that leveraged the talent and expertise of executives in transition with local charitable organizations to enhance their productivity, efficiency and overall impact. In 2016, EIA merged 4 with New York-based Catchafire, Inc. to form Catchafire North Texas and expand the number of volunteers and nonprofits that can be matched nationally.