The acreage is near a rural junction along FM 455 and the buyeris Rex Glendenning of REX Real Estate, who represents a localinvestment group. The European investor, represented byDallas-based International Capital Inc., placed a bet on the pathof an extension for the Dallas North Tollway from US Highway 380 tothe Grayson County line--and won. But, says a spokeswoman forInternational Capital, the seller's intent was to "get in and getout" before the land could become a source of possible negotiationswith the state transportation authority. She says the road surveyhas just begun.

The land came to market in the spring. "It went under contractpretty fast," says International Capital's spokeswoman. ChristianeHepfer, president of International Capital steered the negotiationsfor the seller while Glendenning represented the localinvestors.

In March, Glendenning, again acting on behalf of the group,bought 163 acres from the same investor. At that time, Hepfer saidland was selling for $5,000 to $8,000 per acre as land investorsassembled tracts believed to be on the development cusp.

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