Suntex Enterprises Inc. (OTC: SNTX) announced the closing of its previously disclosed acquisition of approximately 100 acres in South Texas through its wholly owned subsidiary, Red Spur Land & Ranch Co. The property was acquired for approximately $2.5 million, establishing a strategic land position and serving as the first major deployment of the company's long-term development platform focused on land ownership, development, construction and infrastructure.
The company said it is evaluating plans for a multi-phase mixed-use development that could include residential, commercial, hospitality, entertainment and community-oriented components. Suntex expects the project to leverage the capabilities of several operating subsidiaries, including GoldenEra Development, JA Development & Construction and Deep South Electrical Contractors, as it advances engineering studies, master planning initiatives and infrastructure assessments for the property.
The acquisition aligns with Suntex's strategy as a diversified operating company focused on acquiring and scaling businesses across construction, infrastructure, manufacturing, land acquisition, development, and consumer sectors. The full press release is available at https://ibn.fm/Aa3w3.
For more information on the company, visit http://www.suntexenterprises.com/.
