The UK-based hotelier's Atlanta team acquired the land in an off-market trade with SCI Town Center Partners LP of Dallas. The deal's sole broker, Lynn Dowdle with the Dallas-based Staubach Co., says the hotel group anticipates construction will wrap up seven months after it begins near the southeast corner of McDermott and Preston roads in Plano.
Preston Road-fronting property, as the region's professionals know, is prime land given the record-setting growth paces of Plano and nearby Frisco. North Texas' top market watcher, George Roddy Sr. with Roddy Information Services in Carrollton, tells GlobeSt.com that developable tracts fronting Preston Road could fetch $12 per sf to $15 per sf based on submarket comparisons of land trades. Pad sites are bringing $20 per sf, he says.
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