A property holding company and development subsidiary of West Texas billionaire brothers Farris and Dan Wilks, has bought a 122-acre tract of undeveloped land in the Solana Business Park out of foreclosure.The property, in Southlake, was sold by Redus Texas Land, a Wells Fargo subsidiary that takes title to its foreclosed properties. Wells Fargo foreclosed in November 2011 on California-based Maguire Partners, which started the 900-acre Solana development with IBM Corp. in 1989.The 122 undeveloped acres are on the north side of Texas 114 at Kirkwood Boulevard near the Sabre Holdings campus. The land was used as collateral for a $68.7 million note executed by Robert Maguire III in June 2008.Were very excited about this piece of property, said Kyle Wilks, Farris Wilks son, an executive of Wilks Masonry in Aledo, a family-run business who is overseeing the Southlake development. the family firm plans to build office and retail buildings, but he said it was too soon discuss details.Wilks said his father and uncle will only have input into the development at a very high level.This is not the first real estate development of the firm, Wilks Heritage Group in Eastland. Almost three years ago, it bought land near the former Trinity Meadows Race Track in Willow Park where it has built the 208-unit Village at Crown Point apartment community, which is slated to open in mid-August. It also plans some retail development along Interstate 20 in Willow Park.Farris and Dan Wilks founded Wilks Masonry in 1995, following in their fathers footsteps as masons. In 2002, the brothers founded Frac Tech, a hydraulic fracturing and oil field services firm in Cisco, their hometown. In 2011, they sold the firm to a Singapore company for $3.5 billion. The company later moved its headquarters to Fort Worth and changed the name to FTS International.In 2011, the brothers were included on the Forbes list of billionaires.During the past few years, the two have also amassed about 276,000 acres of ranch land in eastern Montana, according to several news reports.Solana is a 14-building campus-style office development known for its colorful architecture and located on both sides of Texas 114 in Westlake and Southlake. The business park was held under three partnerships.In June, Digital Realty Trust, a San Francisco-based operator of data centers, paid $49.2 million to buy a 304,000-square-foot office building in Solana. The purchase is part of efforts by a receiver to sell off the assets of the office park's developer, Maguire-Solana L.P., and pay down $395 million in debt owed to U.S. Bank, which began foreclosure proceedings a few years ago but later asked a court to appoint a receiver to sell the property.Last fall, Mehrdad Moayedi, owner of Centurion American Development Group in Carrollton, took control of 285 undeveloped acres at the northwest corner of Texas 114 and Dove Road from Maguire Partners.Moayedi has since sold 75 acres to the home builder Toll Brothers, 25 acres to Verizon Wireless and 8.2 acres to a hotel developer. Moayedi is developing the remaining 169 acres at the northeast corner of Davis and Solana boulevards in Westlake.
Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST