Hank Haney Golf Ranch sold...

DALLAS, May 10 /PRNewswire/ -- Behringer Harvard, a Dallas-based commercial real estate company, and David L. Gray Investments, a real estate development company also headquartered in Dallas, announced today the purchase of an approximately 56-acre parcel of land, formerly the Hank Haney Golf Ranch, in McKinney, Texas."This purchase will allow us to create value by submitting a plan to 'downzone' the property to allow for a lower-density single-family development," said Robert M. Behringer, chairman and CEO of Behringer Harvard. "In addition, the property has the potential for appreciation during this process, which could take up to a year."The property in McKinney is located at 4101 Custer Road near State Highway 121. Significant improvements to State Highway 121 provide excellent access to D/FW International Airport. This parcel of land is adjacent to the 2,000-acre Craig Ranch mixed-use development that includes the TPC Craig Ranch Golf Course, a Wellstone Communities project with Kenneth Cooper and the Michael Johnson Olympic Training Center.