Tollway Path Triggers 269-Acre Sale

The acreage is near a rural junction along FM 455 and the buyer is Rex Glendenning of REX Real Estate. 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 did his own bargaining.In March, Glendenning bought 163 acres from the same investor. At that time, Hepfer says land was selling for $5,000 to $8,000 per acre as land investors assembled tracts believed to be on the development cusp.

Tenants signed long-term leases in three Dallas area communities to fill 35,000 sf of space at plazas in Euless, Carrollton and Lewisville. Whataburger, Asel Art Supply, Up in Smoke and Uptown Girl Fashion Imports will open in the plazas soon.Four Lease Deals Lock Up More Than 35,000 SF In Metro AreaDallas - Tenants are filling vacancies in three metro communities, taking more than 35,000 sf in plazas in Euless, Carrollton and Lewisville under long-term lease agreements.Connie GoreDallas - In Euless, burger chain Whataburger, Inc. has leased a 31,000 sq for a new location in The Heritage Towne Crossing Shopping Center, situated at the Southwest quadrant of SH 121 and Glade. The firm, which inked the deal with landlord Weber and Company, will share the Target anchored plaza with Chick-A-Filet, Young Brands and other tenants under a lease agreement negotiated by W. Thurston Witt, Jr. and Darrell Hernandez with United Commercial Realty / Chainlink.

The Beltline Venture Shopping Center at 2717 E. Beltline Rd. in Carrollton will also get a new tenant when Asel Art Supply opens its doors Nov. 1 in 3,358 sf of space. The five-year lease pushed the center above 90% occupancy in a deal negotiated solely by Jan Rhea of Dallas-based International Capital Inc., which owns the center on behalf of a German investment group. The retailer operates 10 shops in Dallas/Fort Worth, Austin and San Antonio.

In Lewisville, International Capital's Vista Ridge Shopping Center at 2403 S. Stemmons Freeway locked in a five-year lease for 1,386 sf from Up in Smoke, a Dallas tobacco and cigar retailer, also planning a Nov. 1 opening. Also inbound is Uptown Girl, Fashion Imports, which signed a two-year pact for 3,164 sf. John Cagle of the John Bowles Co. in Dallas represented the building own