More than 120 acres of undeveloped land in the Solana Business Park is now under the control of its lender as a result of a foreclosure sale this month.
The property, in Southlake, was acquired for $13.5 million on Nov. 1 by Redus Texas Land, a part of Redus Properties, the Wells Fargo subsidiary that takes title to its foreclosed properties, according to deed records in Tarrant County. An additional $4.5 million was paid for the mineral rights on the property, deed records show.California-based Maguire Partners and IBM Corp. started the 900-acre Solana development in 1989.About 2.5 million square feet has been developed, but there's room for 4.5 million square feet more. Tenants include First American Corp. and Verizon Wireless.The 122 undeveloped acres the bank bought is on the north side of Texas 114 at Kirkwood Boulevard near the Sabre Holdings campus. It was used as collateral for a $68.7 million note executed by Robert Maguire III in June 2008 and paid to Maguire Partners Southlake Land L.P., the deed says. Wells Fargo took over the note when it acquired the teetering Wachovia Bank.Tom Allen, president and partner of Maguire Partners in Westlake, said in an e-mail that he was not aware of the foreclosure.In a related development, a state district judge in Tarrant County on Nov. 16 appointed a receiver to take control of the 14-building Solana development, which is in parts of Westlake and Southlake.U.S. Bank, representing the lenders who hold a $395 million mortgage, sought the receiver, saying Maguire Partners has been in default for more than a year and cannot provide standard maintenance at the business park, including replacing roofs on three buildings.U.S. Bank, trustee for lenders Banc of America Commercial Mortgage and JPMorgan Chase Commercial Mortgage, had been threatening foreclosure since late last year. Maguire Partners borrowed the money in December 2006 from the New York branch of German bank Eurohypo AG.The receiver will operate the campus, take "any and all actions" to preserve the income and value of the property, and market the property for sale, court filings state.The existing management company operating the 295-room Dallas/Fort Worth Marriott Solana hotel will remain in place, but it will report to the receiver, the court filing said.Sandra Baker, 817-390-7727Have more to add? News tip? Tell us
