The 16.7 acres at 1425 Avenue K came to market in January, selling to the highest of two offers on the table, Pete Richardson with Henry S. Miller Commercial in Dallas tells GlobeSt.com. The offers were far short of the $1-million ask, he says, "but these guys really wanted to sell it." The push to sell after a 10-year hold was sparked by a plan by Pharlap Inc. of nearby Southlake to invest in ventures other than commercial real estate, he says. Tarrant County has pegged the land's value at $507,890.
Not only did the buyer get the last developable tract on that side of the district, but the land lies in the expansion path of the Great Southwest Parkway. The new owner is still gaming out a plan for the land, which abuts an elementary school and is surrounded by light industrial warehouses and single-family homes. Richardson says a multifamily development was discussed, but the acreage will need rezoned to make it happen.
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