Angel/McIver and IBC Bank Close Deal on 104-Acre Six Flags AstroWorld Site.
The corrected release reads:
ANGEL/MCIVER AND IBC BANK CLOSE DEAL ON 104-ACRE SIX FLAGS ASTROWORLD SITE
Angel/McIver Interests, L.P. (www.angelmciver.com) and International Bank of Commerce (IBC Bank)-Houston (NASDAQ:IBOC), announced today the closing on the widely followed 104-acre former Six Flags AstroWorld site. Angel/McIver acquired the coveted Houston landmark property for an undisclosed amount. The deal, which closed per the terms of the agreement, is one of the largest land purchases made by Angel/McIver, as well as a significant transaction for IBC-Houston.
David Cook, along with the Cushman & Wakefield brokerage team of Jeff Peden, Marshall Davidson and Graham Horton, as well as the Staubach Group, represented Six Flags in the marketing of the former AstroWorld site.
Cook commented, "In retrospect, Angel/McIver Interests was the best purchaser for the site. We had offers from foreign buyers, institutional investors, major developers and large institutions. Ultimately, Angel/McIver Interests' vision was a superior fit for the strategically located 104 acres."
"It was a pleasure to deal with Six Flags and IBC Bank on this deal," Michael McIver, Angel/McIver Partner and President said. "It was a smooth process, and we are looking forward to exploring multi-use development opportunities that will be beneficial to the community."
The expansive site, which borders Highway 610, Kirby Drive and Fannin Drive, is one of the largest metropolitan land acquisitions in recent Houston history.
"Our customers made a bold play," Jay Rogers, IBC-Houston President and CEO said. "They did everything that they said they would do, and I am pleased that we were able to help them complete the acquisition within the parameters set forth by the agreement."
The city of Houston and its residents are eagerly waiting to see what developments the site will house in the future; however, no additional plans for the development of the property have been announced at this time.
Angel-McIver Interests, L.P. specializes in land acquisitions, land sales and joint venture developments, providing a full-service operation in down home Texas style. Started in the mid-1990s and based in Conroe, Texas, the company has fostered a range of growth and economic development in and around the Houston area with their diverse projects, forward-thinking strategy and unmatched vision for development.
IBC-Houston is a member of International Bancshares Corporation (NASDAQ:IBOC), a $10.5 billion financial holding company headquartered in Laredo, Texas with more than 200 facilities and 330 ATMs serving more than 90 communities in Texas and Oklahoma. For more information, visit www.ibc.com.
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|Date:||Jun 1, 2006|
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