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LAS COLINAS, TX-A 7.64-acre parcel of land potentially earmarked for a station of the Dallas Area Rapid Transit (DART) system was sold to Dallas-based Transcontinental Realty Inc. Though the sales price was not divulged, a 3.68-acre portion of the site that includes a 6,433-sf telecom building was listed for $1 million.

According to Cash McWhorter of the Dallas office of Colliers International, who represented the seller, the original listing included only the 3.68 acres, but the buyer, who the Colliers vice president describes as one of the largest property owners and investors in the Dallas market, also wanted to acquire the adjoining four acres. Both properties were owned by owned by local cell phone provider Wireless 4 U. The deal includes a one-year leaseback of the existing building to the seller, with options to extend the lease.

McWhorter, who worked with Colliers senior vice president Noel Hutcheson on the transaction, says he does not know Transcontinental’s specific plans for the site, but says he assumes the company will hold it pending a decision by the DART board of directors on the final alignment for the system’s 14-mile Orange Line to Dallas-Fort Worth International Airport. The Los Colinas segment of line is scheduled to open in 2012. The proposed alignment cuts through a corner of the vacant four-acre parcel, and a potential station is proposed for the immediate area. McWhorter says the exact location has not been determined but could include all or part of the purchased property.

In either case, he tells GlobeSt.com, the property holds considerable future value, though he declines to speculate how much. “I don’t know that DART will bisect our site, but a station will be built at some point,” he says. “If DART doesn’t need the land itself, it would definitely be a target for fairly intense development related to DART.” According to McWhorter, the land would have to be rezoned from a current designation limiting it to telecom use.

The broker says the station would effectively mark the Orange Line’s entry into the urban center as it leaves an alignment alongside Highway 114, making it a significant transition point. He adds that an existing railroad right-of-way near the property could be used for a future DART route that could intersect with the Orange Line at the site.

McWhorter reports there were several bids for the property, primarily from local owners and investors. Though he says he and Hutcheson believe they maximized the value for the seller, the buyer’s willingness to lease back the existing building to the seller was a critical differentiating factor in the final choice.

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