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.
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.
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.