"It sold at a loss and number that does not reflect true market value," Eddie Liebman, senior vice president of Dallas-based Weitzman Group, tells GlobeSt.com about the hard corner with 215 feet of Preston Road frontage, just north of Main Street.
Liebman says the Dallas partnership will bank the site for two years while working through the process to get approval to develop the flood plain land. Eventually, the hope is to build out the land with office or retail, but it could be resold, he says. If federal approval is garnered, Liebman, the deal's sole broker, estimates the tract could end up with 100 feet of frontage along the primary thoroughfare crossing Dallas and stretching into the far north suburbs. Seller T&T Frisco Enterprises acquired the tract four years ago, hoping to build a convenience store.
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