NewQuest Represents Seller in Beacon Island Transaction

April 11, 2011 - PRLog -- Originally known as Lighthouse Island and owned by South Shore Harbour Development Ltd., an affiliate of American National Insurance Company, developer of South Shore Harbour in League City, Texas, the 35-acre island was bought in 2006 for a rumored $18 million by The Verandah Cos. and Crow Holdings Realty Partners IV, L.P., of Dallas. After changing the name to Beacon Island, the joint owners completed construction of the perimeter bulkhead, promenade, streets and underground utilities.

However, the mortgage meltdown and economic downturn derailed development and First Bank of Missouri took possession of Beacon Island last summer. Dave Ramsey, with NewQuest Properties, represented First Bank and listed Beacon Island for $17,400,000 in August.

“The listing immediately generated tremendous interest,” Ramsey said. “We had four offers on the table within the first four weeks and the property went under contract in September, but the deal dissolved in January.

Ramsey is thrilled that the well-known waterfront custom builder, Murphy Yates, ISOLA Ventura, LLC, will now guide development of Beacon Island.

“After the property fell out of contract, we sent out an e-mail blast to 42,000 people through Red News. Within the first hour, we received 162 phone calls,” Ramsey said. “The second time around, Murphy prevailed.

Yates, who builds homes priced from $500,000 to more than $4 million, will initially offer 18 estate lots to builders. Waterfront estate lots in Beacon Island will start in the $400,000s; estate homes will range from $1.3 million to more than $3 million.

# # #

NewQuest is a market leader in the development of retail centers. We coordinate every aspect of retail center development from land acquisition, financing, design and development to leasing and property management.