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DALLAS-In an off-market transaction, a local developer and Transcontinental Realty Investors have gotten their hands on a prized 15-acre tract beside the Galleria. The plan is to develop retail, residential and office on the site, which now houses an automotive sales lot.

“It will be a true mixed use,” says Tom Clarke, senior vice president for Grubb & Ellis Co, who teamed with associate Lindsay Allen to broker the buy side. Developer Dan Robinowitz and his locally based equity partner are in the early planning stages for the northeast corner of Noel Road and LBJ Freeway.

“Several people looked at it, but Robinowitz and Transcontinental jumped at the opportunity because they saw the potential of the site for a mixed-use development contiguous to the Galleria,” Clarke tells GlobeSt.com. The deal went full circle in 45 days, he adds.

The development duo acquired the land, now housing Showcase Chevrolet, from the Van Tuyl family, which was represented by local broker Dan Beard. The final price is being kept under wraps, but the going rate for dirt in the Galleria area ranges from $35 per sf to $45 per sf. The Van Tuyl family purchased the 5327 LBJ Freeway site in March 1998.

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