The acreage, assembled from three tracts, will require extra infrastructure work before it can be divvied into smaller parcels for development, Ron Dagley with the Betz Cos. tells GlobeSt.com. The land developer intends to ask $4 per sf to $6.50 per sf for the sites.

Independent broker Ed Tarravella assisted Dagley in putting together the land acquisition deal while seller Limestone Management of Austin was represented by Martin D. O'Malley and Todd N. Edmonds, both with the Houston office of Colliers International.According to O'Malley, Limestone Management owned the property for 20 years while waiting for the right time to sell. The parcel was on the market for $2.25 per sf for the last six years, he says, adding there were previous offers but none close enough to the asking price to seal a sale.

The tract is located in an area that is booming with new industrial, residential and industrial developments. O'Malley says it represents one of the last undeveloped large tracts along Beltway 8 and Texas 249.