Legacy Capital Company

2929 Carlisle St, Suite 365, Dallas, TX 75204
Phone: (214) 361-5000

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Memorial 121 - The Colony, TX
Investment Profile
Property Name Memorial-121
Location Highway 121 & Paige Road, The Colony, Texas
Size 33.36 Acres
Acquisition Date November 2011
Sale Date November 2012 - October 2014
Equity Invested $1,700,000
Leverage 50%
Project IRR 69%
Equity Multiple 3.54x
Summary Description Legacy Capital identified the site, which was being sold through a bankruptcy bid process. Prior to the bid date, they learned a competitor (Standridge Co.) was also pursuing the property. Legacy and Standridge decided to form a venture and bid on the property at a price of $2.31 psf. The land had not been marketable due to construction of the 121-Tollway directly in front of the property, and by the time the road was finished, the owner had gone into bankruptcy. The bankruptcy case took time to process, creating pent-up demand for land on the newly-completed tollway. Once the market became aware that the land was available and the owner was a professional real estate investor, users stepped up quickly to purchase the tracts they needed.

 

Vista Crossroads - Fort Worth, TX
Investment Profile
Property Name Vista Crossroads
Location Highway 287 and Avondale-Haslet Road, Fort Worth, Texas
Size 189 Acres
Acquisition Date October 2004
Sale Date August/October 2007
Equity Invested $3,000,000 initially, peak equity $4,700,000
Leverage 57%
Project IRR 40.8%
Equity Multiple 2.7x
Summary Description Legacy purchased this site in 2004. The property had ideal spacing from existing retail (approximately 6 miles south of the site), control of all developable corners, and strong interest from Wal-Mart. Legacy worked with the City of Fort Worth to bring sewer and water to the site. Legacy also actively worked with TXDOT to help fund and re-design the off-ramp which positioned the site for retail development. Wal-Mart’s imminent purchase and availability of utilities spurred interest from a developer that purchased 166 acres in August 2007. Wal-Mart closed on its 23-acre parcel two months later.