Hines Acquires Strategic 536-Acre Land Parcel in Tampa, FL, for Master-Planned, Mixed-Use Community

(TAMPA, FL) – Hines, the international real estate firm, announced today that it has acquired the 536-acre Behnke Ranch property in Tampa, FL, on which the firm will develop a signature mixed-use, master-planned community.

The seller was the Behnke family, which was represented in the transaction by Prudential Commercial Real Estate FL.

The property is located on State Route (SR) 54 in Pasco County, one of Tampa’s most active suburban growth corridors, approximately 20 minutes from Tampa’s Westshore submarket and the Tampa International Airport. The new development will be highly visible due to its mile-long frontage on SR 54.

The property has approved zoning and entitlements in place for the construction of 550 single-family homes, 200 townhomes, 440 multifamily units, 300,000 square feet of commercial space, and 530,000 square feet of office/light industrial space.

Design and permitting are underway, and construction activities are expected to begin in early 2014.

Hines founder and Chairman Gerald D. Hines commented, “There is nothing more exciting and rewarding than planning and creating an entire new mixed-use community for future generations. We take that responsibility very seriously.”

“Behnke Ranch was one of the most exciting large tracts of land available in the Southeastern United States, and it presents a terrific opportunity for a large-scale, high-quality master-planned community,” noted Hines Managing Director Lane Gardner. “Tampa has bounced back swiftly with positive job growth creating significant demand for commercial space, quality single-family housing and apartments. We look forward to meeting this demand by delivering a highly sustainable, mixed-use development.”

As master developer, Hines will manage the design and development of the community master plan, including the residential neighborhoods, community amenities, parks, primary infrastructure, as well as the community branding, marketing and the sale of residential lots and commercial parcels within the community.

Prosser Hallock of Jacksonville, who also worked with Hines on its award-winning Palencia (www.VivaPalencia.com) community in St. Augustine, FL, is providing master-planning services.

Tampa-based Florida Design Consultants is providing civil engineering, survey and permitting services.

Hines has maintained an active land development platform for more than four decades, and has master planned and developed approximately 36,800 residential units encompassing more than 12,000 acres of land.

Several high-profile master-planned Hines communities in the U.S. include: Palencia in St. Augustine, FL; Somerset Green in Houston; First Colony in Sugar Land, TX; Las Colinas in Irving, TX; Cool Springs in Franklin, TN; Aspen Highlands and Five Trees Aspen, CO; and Deerfield in Atlanta, GA. Currently in the Southeast Region, Hines is developing the 2,400-acre Palencia; Azure, a 308-unit multifamily community in Carillon Park in St. Petersburg, FL; as well as Ponce & Bird, a 276-unit residential complex in Miami. Hines also owns and/or manages in excess of two million square feet of Class A office space in Florida.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties.

With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.

Visit www.hines.com for more information.