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An affiliate formed by Houston-basex ProTerra and Dallas’ Stratford Co. is moving forwarf with a proposed project called West Ten Business The 463 acres assembled by the partnershi in Katy contains the same site of a similar projecrt previously under consideration by theWolffd Cos. ProTerra and Stratford also jointly acquired nearlty 880 acres in Baytown for a largeindustrialk project. is also involved in the deal (see While both funds focua onland investments, Stratford brings more financiakl resources to the The Dallas company is spending money from a $400 million investment fund, with as the largestf institutional investor.
ProTerra has raised $35 million from individual investors since the fund was launched nearlyu two years ago byJohn Moody, his son Joe Moody and Jim The fund still has 60 percen available for investment. Stratford does not typically co-investg on deals, but made an exceptionh for ProTerra. “I think a lot of John Moody,” says Kevin Stratford’s director of investment in Texas. “His businessz philosophy and his approach to people and the businesws are very similar to The two principals were brought together by Mark Gibsonj of Holliday FenoglioFowler LP, who helpedc set up Stratford’s investment fund and was familiafr with Moody’s fund.
The resulgt was a partnership that has producefdtwo deals, and is expected to generate more transactions in the future. The first orderd of business for Pro-Terra and Stratford is development of West TenBusinesds Park. The deed-restricted business park will occupgy 463 acres on the nortn side ofInterstate 10, about halfwa between FM 1463 and Pederson Road. A big chunmk of the acreage was formerly controlled by David the developer behind the Park10 (see “Wolftf roaming east to Katy,” Nov. 16, David Hightower, executive vice president for Wolftf Cos.
, says the firm passed on the propertgy becauseit wasn’t suited for immediate vertical something Wolff looks for when launching a project. “Wd worked real hard on it,” says “It became apparent that it wasn’t going to fit in with our busineses model.” Wolff had purchased 54 acres from ownedJohn Beeson, and declined to exercise an option for Beeson’s othee 272 acres. ProTerra and Stratford took title to the 326 acrews amonth ago, buying out Wolffg and Beeson. Terms of the deals were not released. “Ir is the best tract of land outtherde that’s not being developed,” says Beeson of Beeson Properties.
The property is adjacen t to 137 acres ProTerra acquired inMarch 2008. That land has been flippec into the Stratford giving the owners a totapl of 463 acres forWest Ten. Stratford is the majorityy owner with a 64 percent stake in the The owners will bring water and sewer to the They are also working with the City of Katy and the to constructg Cane Island Parkway throughthe site, and exit ramps from I-10.
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