With South Dallas development sites in high demand, a group of heirs has sold a 40.7-acre tract of raw land to a Houston investor.

The acreage is situated at 10407 S. Central Expressway, where Interstates 45 and 20 converge in Dallas County. The site boasts 300 feet of frontage along South Central Expressway.

Wayne Burgdorf, vice president of Coldwell Banker Commercial Advisors, represented the seller, Dallas South 48 JV, an investment group formed in 1986 with enough foresight and patience to invest in Dallas' southern sector. The original five investors, all from North Texas, immediately spun off eight acres in a profitable land flip shortly after they acquired the property. The balance of the acreage, visible from the freeways, has been banked ever since.

"The original investors have passed on. The property got pushed to the backburner," Burgdorf says. "One of the heirs took the lead in late 2015 to sell it because they were tired of paying taxes on it."

Burgdorf's listing drew an immediate offer. "We listed it at a somewhat aggressive price and quickly landed a buyer," Burgdorf says.

The buyer, William Young, has purchased land with a view of the Dallas skyline in a corridor with one of the largest concentrations of new warehouse and distribution space in the metroplex. Suzanne Haselberger of Realty Associates in Houston represented Young in the transaction.

With the 7,000-acre International Inland Port of Dallas as the economic catalyst for six neighboring municipalities, more than five million sf of spec and build-to-suit industrial projects have delivered in the past year in the submarket. Research reports show South Dallas absorbed 2.6 million sf of industrial space during the second quarter.

Young's property constitutes the northeast quadrant of the intersecting interstates, kitty corner from Amazon's 500,000-sf fulfillment center. Also close by is the Union Pacific Intermodal Terminal; the 560-acre Southport Logistics Park; 3,000-acre Prime Pointe; and major warehouses for global companies like Georgia Pacific, Procter & Gamble and ACE Hardware.

"It was purely an investment play, as far as I know," Burgdorf says. "What I know for certain is this tract quickly caught an investor's attention and didn't linger on the market because of the development activity in the immediate area."

SALE

Dallas South 48 JV has sold 40.7 acres of raw land at 10407 S. Central Expressway, Dallas, to William Young. Wayne Burgdorf of Coldwell Banker Commercial Advisors represented the seller. Suzanne Haselberger of Realty Associates represented the buyer.

LEASE

The Refugee and Immigrant Center for Education and Legal Services (RAICES) has leased 3,456 sf of office space in Pacific Place, 1910 Pacific Ave., Dallas, from 1910 Pacific LLC. Casey Tounget of Coldwell Banker Commercial Advisors represented the tenant. Brandon Palleta of Boxer Properties represented the landlord.

Founded in 1992 as SCM Real Estate Services Inc., Coldwell Banker Commercial Advisors DFW is a full-service commercial real estate firm providing clients with expert advice and strategies customized to their particular needs. Our services include investment sales, project leasing, property management, tenant representation.