VAN ALSTYNE, TX-Getting its stake in the ground ahead of competitors, a Dallas-based partnership has acquired 136.13 acres just a stone's throw from US Hwy. 75 in Grayson County. The land was on the market nearly one year for $25,000 per acre.
Tom Grunnah, a land specialist for Henry S. Miller Commercial in Dallas, tells GlobeSt.com it too early to say how much space will be developed at the northwest corner of FM 121 and Jim Jones Road, but points out it's prime development dirt for commercial and residential uses. “It will be the next cycle,” he says, “and they purchased it at an advantageous price.”
Scott Balch of Weston Land Co. in Weston, TX represented the Dallas-based partnership that acquired the land from family heirs of a long-time local owner, Mary Kelley Grunbaum and Kayrene Kelley Smither Estate. The land had been under contract once before, Grunnah says, adding “the buyer jumped in and grabbed it” with two other offers on the table. Grunnah's partner for the deal was Henry S. Miller Commercial's Grant Brodeur.
As is usually the case, the investment interest in the site was primarily due to its location and kept the final price within striking distance of the ask, according to Grunnah. The site is positioned just northwest of the 100-acre Grayson County Community College campus, which has two buildings up and more coming, and along a primary east-west artery that connects to Preston Road.
Grunnah expects the land will start to be developed in one to three years. “It's not for today, but it's not for that far away either,” he adds. “It's a great piece of property. It's just a question of when it will be ready.”
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