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DALLAS-In another large commercial land sale, a family trust has the deed to 4,400 acres in Northeast Texas in a sale that pre-empted an auction by three days.

The Clay and Jacqueline Cavender Dynasty Trust has been assembling large land tracts along the Oklahoma-Texas border in Red River and Fannin counties for some time, Robert West, a Grubb & Ellis Co. associate in Dallas, tells GlobeSt.com. The trust’s intention for the land mass was not available at press time. But, says West, the buy is in keeping with the trust’s “habit of looking at land values in an approximate range of the metroplex.” The land carried a minimum reserve price of about $400 per acre had it gone to the auction block, says West.

The 4,400 acres encompasses seven farms owned by the Martha, David and Bagby Lennox Foundation. The sale closed better than a month ago, but has just been made public by brokers involved in the deal. West along with Bill Vaughn, Grubb & Ellis’ vice president of investment sales, and Nancy Gibson, an associate with Eddie Haynes Inc. in Oklahoma City, represented the seller. Linda Carter of Linda Carter Brokerage in Longview, TX acted for the buyer.

The Grubb & Ellis team cornered the listing in May. The closest major artery is US Highway 82, which runs east to west.

Signing the deal three days in advance of the auction, says West, “made it easier for all of us. We had one closing instead of maybe 40.” He says an auction is a good vehicle that is gaining in popularity among would-be sellers of larger land tracts in North Texas.

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