JLL on March 1 announced the firm has completed the sale of a 190-acre tract of land on behalf of VTCR LP, Prairie Flight LP and MADMT LP to the City of McKinney. The tract, located at 1500 E Industrial Boulevard in McKinney, is directly adjacent to McKinney National Airport.
The land was purchased with cash for $22.4 million, according to the City of McKinney. .
Currently, the city owns 775 acres of land comprising the airport, and an updated airport master plan calls for the city to add up to 500 acres in the coming years to protect the growth potential of the airport.
JLL Managing Director Paul Whitman represented the selling group.
“This transaction is a testament to the foresight and vision of the ownership group, and the unprecedented growth our region is experiencing,” said Whitman. “With activity continuing to ramp up, like what we are witnessing in McKinney today, this is a tremendous achievement for all parties involved.”