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Las Colinas acreage sold in 'complicated deal'

Las Colinas acreage sold in 'complicated deal'

IRVING—Communities Foundations of Texas (CFT) has sold 30 acres of land located at 1925 W. John Carpenter Freeway, a key commercial site within Irving’s master-planned Las Colinas development, to a limited liability corporation.

Larry Denisoff and Matthew Rosenfeld with Weitzman handled negotiations for CFT in cooperation with Brian Doyle of CFT, a nonprofit organization based in Dallas that supports charitable giving across the region.

The acreage, located at Carpenter Freeway and President George Bush Turnpike, is the location for a 405,432-square-foot Class A office building. The building was constructed in 1987. The original owner was Mercantile (later MBank) Bank, which maintained ownership of the building while deeding the land to MCharities, which later donated it to CFT.  This acquisition allows the building’s ownership group to now have ownership of both the building and the land it sits on.

“This was a very complicated deal,” Denisoff said. “The original transaction was done 30 years ago and once changed hands three times in one day during the 1980s. Trying to figure out the complexities of the original deal to make this transaction happen was a true challenge.”