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FRISCO, TX-A 23-acre land listing, exceeding all pricing expectations, has been pulled two weeks early from its planned market run. The seller has accepted a record-breaking $5.50 per sf or $239,580 per acre for multifamily-zoned dirt in the far northern tier.

The listing drew seven offers in 10 days, with three at full ask being placed in the first 48 hours after the marketing blitz began, says Lamont Rattler, the point man on the deal for the Cushman & Wakefield of Texas Inc.’s multifamily team led by senior director Don Ostroff. “Because of the aggressive pricing, the seller took a pre-emptive offer two weeks before our offer date,” Rattler tells GlobeSt.com. If the deal pans out, the local private investor will hand off the deed in 60 to 90 days.

The development dirt has a 450-ft frontage along El Dorado Parkway and sits a half-block from the Dallas North Tollway extension, which will open for business in September. “All the major name players were all over it,” Ostroff says.

The brokers can’t disclose the would-be buyer’s identity–as yet. But, the mix of bids came from nationals and locals, including some “first timers trying to penetrate the market,” Rattle adds. Until the deal is closed, all they can reveal is the winner is a nationally known name with a local office.

The site is entitled for up to 368 units. Ostroff says it’s not inconceivable for ground to break toward year’s end because all utilities, including waterlines, are in place.

Previously, the top price for the city’s dirt hovered $4.50 per sf to $4.75 per sf, according to Ostroff. “There was quite a land rush,” he says, pointing out the contracted price is “a substantial jump.”

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