Oil giant Exxon Mobil has sold nearly 200 acres of vacant land on San Antonio's...
has sold nearly 200 acres of vacant land on San Antonio's southwest side to a Houston-based real estate firm.NFP is managed by John Leggett, co-founder of real estate firmand founder of custom homebuilder On Point Custom Homes of Houston, according to county records.
NewFound Partners' portfolio includes hospitality, industrial, retail, office, multifamily and mixed-use developments as well as solar and battery power storage projects, according to. Among its projects in Houston, the company has invested in the Pillars at HBU at Route 59 and Fondren. In San Antonio, the company lists The Westin Riverwalk hotel among its investments.
The 194-acre property it acquired from Exxon has at various times been used for petroleum refining and manufacturing, records show. There are restrictions on a portion of the land prohibiting residential development, groundwater use and agricultural use aside from cattle crazing and butterfly and beekeeping.
It’s unclear what Cottonwood paid for the land, though the company borrowed $487,500 for the acquisition. The Bexar Appraisal District values it at $3 million and its assessed value was reduced because a portion of it is used for agriculture.
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