Verizon buys land in Solana business park

Posted Tuesday, Feb. 26, 2013  comments  Print Reprints

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Verizon Wireless has bought 25 acres for a possible expansion next to its office complex at the northeast corner of Texas 114 and Dove Road in the Solana business park from a Carrollton-based developer that took control the property last fall.

The land, located in Southlake, was sold by Mehrdad Moayedi, owner of Centurion American Development Group, who took over 285 acres of undeveloped land in Solana from the Maguire Partners-Solana Land limited partnership in August. The land includes the property sold to Verizon earlier this month.

In January, he sold 8.2 acres east of the Baylor Medical Center, on the north side of Texas 114 in Trophy Club, to an Irving-based hotel developer called Trophy Lodging, deed records show.

Verizon executives could not be reached for comment Tuesday, a spokeswoman said.

Moayedi became the managing partner of Maguire Partners-Solana Land by bringing payments current on $25.2 million in notes taken out with CLG Hedge Fund in Plano, deed records show. The lender had posted the property for the July 2012 foreclosure auction.

Moayedi said he plans to develop most of the land. He has zoning cases before the Westlake Town Council to develop 169 acres at the northeast corner of Davis and Solana boulevards, including 85 acres for a commercial development called Westlake Vallecito and 84 acres for residential use.

Tom Youngblood, with Wicker & Associates commercial real estate, represented Moayedi in the sale to Verizon and Trophy Lodging.

Randy Church with Wicker also represented Moayedi in the sale to Trophy Lodging.

Solana was held under different partnerships that financed the 900-acre development. One partnership obtained a $395 million loan in December 2006 from Eurohypo AG on the project, a note held by U.S. Bank as trustee.

In November 2011, a Tarrant County state district judge appointed a receiver to take control of the property at the request of the lender. The receiver is negotiating leases and attempting to sell other portions of the development, which straddles Southlake and Westlake

Also in late 2011, a Wells Fargo subsidiary took control of 122 undeveloped acres in Solana through foreclosure.

Sandra Baker, 817-390-7727

Twitter: @SandraBakerFWST

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