Behringer Harvard Announces Land Sales at Mixed-Use Development Site North of Dallas

DALLAS, Oct. 20, 2011 /PRNewswire/ -- Behringer Harvard announced today that it has recently completed the sale of two parcels of developable land at a site on Custer Road, north of its intersection with Sam Rayburn (121) Tollway, in McKinney, Texas, a suburb 30 miles north of Dallas. Formerly known as the Hank Haney Golf Ranch, the site is approximately two miles west of the intersection of Sam Rayburn (121) Tollway and Central Expressway.

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In April 2007, Behringer Harvard Strategic Opportunity Fund II LP acquired an 80 percent ownership interest in the 56-acre McKinney land tract via a joint venture with Dallas-based David L. Gray, a private investor who serves as the venture's general partner. The site was subsequently subdivided into four parcels and rezoned for development of a mixed-use project. Plans included approximately 12.9 acres for single-family housing, approximately 17.9 acres for multifamily housing, approximately 13.4 acres for office/retail space and approximately 9.8 acres for a municipal park. Beazer Homes, a Dallas-based developer, recently purchased the single-family parcel, and the multifamily parcel was acquired by the Dallas office of McCann Realty Partners, LLC.

"We're pleased that the mixed-use development we envisioned for this property is beginning to take shape," said Mr. Mark Flynt, Senior Vice President – Portfolio Management of Behringer Harvard's opportunity platform. "As a result of these parcel sales, we have increased the fund's liquidity and reduced its debt exposure. We believe the momentum created by these transactions will generate additional opportunities for development of the final office/retail parcel and provide further value for our stakeholders."

John Christie of John Christie Real Estate Services is marketing the office/retail parcel, which is well suited for professional and medical offices, banks and local retailers. Frontage will be available on Custer Road, and ultimately along Silverado Trail when it is extended west to intersect with Custer Road. McKinney has been among the nation's fastest growing cities during the last decade, according to the U.S. Census Bureau.

About Behringer Harvard

Behringer Harvard creates and manages global institutional-quality alternative investment programs for individual and institutional investors. Programs sponsored and managed by the Behringer Harvard group of companies have attracted equity of more than $5 billion and made investments into more than $11 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 9999 90, or visit us online at behringerharvard.com.

This release contains forward-looking statements relating to the business and financial outlook of Behringer Harvard Strategic Opportunity Fund II LP that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors section of the offering memorandum for the offering of limited partnership units of Behringer Harvard Strategic Opportunity Fund II LP.  Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.

SOURCE Behringer Harvard

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