A Florida developer has purchased 230 acres north of Dallas/Fort Worth International Airport for construction of a business park.
LNR Property Corp. said Monday that it bought the property in Flower Mound with plans to construct a $160 million industrial and office complex.
Called Lakeside Ranch Business Park, the commercial development is two miles north of the airport and west of State Highway 121.
Buildings in the project will total almost 3.5 million square feet.
"We've been looking for the best property to acquire to enter the attractive North Dallas market, and we are confident we've found it with this acquisition," Lang Cottrell, regional president in LNR's Dallas office, said.
Miami-based LNR has been operating in North Texas since it opened an office in 2003.
Mesa Design Group planned the project to include a 40-acre conservation corridor.
CB Richard Ellis brokered the property purchase.
Terms of the sale were not disclosed.
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stevebrown@dallasnews.com
Just what Dallas needs, another suburban office park to add to the metro vacancy rate.
