The town of Celina on the Denton-Collin County line sits about 40 miles north of Dallas, directly in line with the historic path of development that has made the far northern suburbs into some of the nation's fastest growing communities. And once again, it was Dallas' Rex Glendenning, brokering on behalf of the investment group, who acquired the final parcel of Light Ranch in a 75-day start to finish for an all-cash transaction, Stephen Summers of Dallas-based Staubach Co. tells GlobeSt.com.
"When this became available, he showed up with a contract almost on Day I," Summers says of a deal with a high profile among land brokers. "They know that in the future this is going to be houses and other development."
Summers says some 1031 Exchange capital helped to fund the transaction. The official buyer is the Texas Land Fund LLC and the seller is a Dallas-based corporation that's held the deed since the 1980s.
The newly acquired acreage sits in Denton County on the east side of Light Ranch Road at the intersection with FM 1385. Raw land in the Celina area has been getting $4,500 per acre on the open market.
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