The acreage is near a rural junction along FM 455 and the buyer is Rex Glendenning of REX Real Estate, who represents a local investment group. The European investor, represented by Dallas-based International Capital Inc., placed a bet on the path of an extension for the Dallas North Tollway from US Highway 380 to the Grayson County line--and won. But, says a spokeswoman for International Capital, the seller's intent was to "get in and get out" before the land could become a source of possible negotiations with the state transportation authority. She says the road survey has just begun.
The land came to market in the spring. "It went under contract pretty fast," says International Capital's spokeswoman. Christiane Hepfer, president of International Capital steered the negotiations for the seller while Glendenning represented the local investors.
In March, Glendenning, again acting on behalf of the group, bought 163 acres from the same investor. At that time, Hepfer said land was selling for $5,000 to $8,000 per acre as land investors assembled tracts believed to be on the development cusp.
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