Stephen Summers and Dan Watson with Dallas-based Staubach Co. sold the acreage for Kendall Land Corp., a metroplex land speculator that acquired the northeast corner of Hardin Boulevard and Texas 121 about six years ago. Rex Glendenning of Rex Real Estate in Dallas represented the buyer, Avex Acquisitions Inc.
Summers says the new owner immediately put up signs along the frontage to piecemeal sell the land as pad sites or a periphery retail center for an upcoming mall. Without a doubt, he says it will be developed for retail or commercial use.
"It is so well located that there are many different uses that the property could be used for," Summers says. The acreage has 5,761 sf of frontage and encompasses two primary intersections along Texas 121, FM 720, Collin-McKinney Parkway and Hardin Boulevard.
"It was an excellent buy," Summers tells GlobeSt.com. "They got it below market." He says the land went under contract in the spring as the proposed mall plan took shape. The asking price was $3.50 per sf versus the $6 per sf that others nearby are asking, according to Summers.
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