Developer Mehrdad Moayedi buys land for homes at Rowlett’s Bayside project

A North Texas developer known for some of the region’s biggest projects has bought sections of the Bayside development on Lake Ray Hubbard.

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Mehrdad Moayedi’s Centurion American Development Group purchased land in the Rowlett project on Interstate-30 for two residential projects.

In the works for more than five years, the 262-acre mixed-use development on the lake was originally planned to include everything from high-rise hotels to apartments and single-family homes.

The centerpiece of the $1 billion project was an 8-acore Crystal Lagoon waterpark to be built on the shore of Lake Ray Hubbard.

But after changes in ownership, Bayside has so far not met those ambitious plans. Parts of the project have been rechristened Sapphire Bay by the City of Rowlett.

Centurion American Development has purchased four acres in two tracts across the freeway from where the Crystal Lagoon is being built.

“This is on the north side

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Texas foreign home buys fall again

Foreign buyers snapped up almost 14,000 Texas homes last year.

During the 12 months ending in March, foreign buyers purchased $6.6 billion in Texas properties, according to the Texas Realtors association’s annual study.

That’s down significantly from the $7.8 billion in Texas housing purchased by foreigners in the 2019 report.

And home purchases in 2019 by international buyers fell 28% in Texas from 2018 levels.

Texas accounted for 9% of total U.S. foreign home purchases in the most recent study.

“Despite the slight drop in foreign buyers compared to the previous reporting period, Texas remained a top state for international buyers, particularly those coming from Latin America,” Cindi Bulla, chairman of Texas Realtors, said in the report. “Texas continues to enjoy strong international real estate sales activity.

“From relocations to commercial or residential, foreign buyers choose Texas because of our resilient economy, job availability, investment opportunities and friendly business climate.”

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Rite Aid buys 130-year-old Seattle-based Bartell Drugs chain for $95 million

Bartell Drugs cited the rising costs of the coronavirus pandemic and Seattle business taxes as factors for the sale to Rite Aid.

SEATTLE — It’s the end of an era for one of Puget Sound’s longest running, homegrown companies.

The 130-year-old Bartell Drugs has been sold to Pennsylvania-based Rite Aid for $95 million in a deal that the two companies say will preserve the financial standing and brand name for the locally iconic drugstore chain.

Bartell Drugs’ history dates back to 1890 when George Bartell Sr. opened up his first pharmacy in Seattle’s Central District. It has expanded to 69 stores in King, Pierce and Snohomish counties. 

Rite Aid, which has been a competitor in and out of the market, is a Fortune 500 company based outside Harrisburg, Penn. with more than 2,500 stores in 19 states. 

The “definitive agreement,” as both companies called it, is expected to close in

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Real estate brokerage Compass buys Seattle startup Modus in move that boosts competition with Zillow and Redfin

National real estate brokerage Compass has made another move that places it in even greater direct competition with Seattle-based digital brokerage giants Redfin and Zillow.

In an arms race of integration, the three firms have sought to consolidate the homebuying process within their companies, going well beyond digital home searches and brokerage services. Zillow and Redfin, for instance, both have mortgage-lending divisions and subsidiaries that offer digital closing services.

Compass announced Monday it will acquire Seattle-based Modus, a technology startup that aims to simplify the process of closing on a home, for an undisclosed amount this month. Modus offers digital title and escrow services.

“The end-to-end platform that we are creating is our mission,” said Compass Chief Technology Officer Joseph Sirosh. The difference between Compass and its competitors, he said, is that Compass is building technology to enable better service from its real estate agents.

“When most other companies talk

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