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Transcontinental Buys 7.64 Acres at Planned DART Station

LAS COLINAS, TX —The original listing included only 3.68 acres, but the buyer, described as one of the largest property owners and investors in the Dallas market, also wanted to acquire the adjoining four acres.

By John McCloud | Updated on July 18, 2008

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.

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