Similar land deals have traded for anywhere between $16,000 and$20,000 per acre, and Ken Wimberly, senior advisor with Sperry VanNess/Visions Commercial's office in Fort Worth says the buyerreceived a fair deal on the parcel from the seller, who wasrepresented by Matt Wilken of Materica Capital Inc. in Lantana,TX.

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The land lies at the intersection of McPherson Boulevard andMcCart Avenue. "Both of those roads currently terminate, butthey'll continue on through this parcel at some point," commentsWimberly, who represented the buyer with Sperry Van Ness/VisionsCommercial's senior advisor Trevor Dyck.

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Dyck says the buyer isn't a developer, but will parcel out theland in the coming years, based on market demand. "We have an LOIon the multifamily parcel from a Dallas developer," he tellsGlobeSt.com. "That is the most immediately available anddevelopable piece of land. It could probably support a couplehundred units." Dyck goes on to say a groundbreaking on themultifamily acreage or any other portion of the land won't takeplace any time in the near future.

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The land is zoned for approximately 30 acres of multifamilydevelopment, 50 acres for commercial uses and 178 acres that can begiven over either to multifamily or single-family residential."That 50 acres of commercial includes future hard corners of theintersection at McPherson and McCart," Wimberly says. "That wouldbe a natural place for retail that could serve the southerncommunity. The closest neighborhood center right now is about twoor three miles away."

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