A key Frisco property has been purchased by developers and investors.
The 40-acre site is at the southeast corner of the Dallas North Tollway and U.S. Highway 380. Show Full Story
The property -- at one of the area's busiest intersections -- has long been considered a prime building site.
Movie theater operator Cinemark is building a 10-screen theater and two retail buildings right across the street. And Dallas Cowboys owner Jerry Jones and his family are developing a major mixed-use project with a shopping center nearby.
The just-sold Frisco corner was purchased by a partnership that includes businessmen Ray Washburne and Stephen Summers — owners of the landmark Highland Park Village — and investor David Fogel.
Dallas attorney and real estate investor Don Godwin sold the land, which is north of Frisco's much-touted $5 billion mile.
"I bought that tract in 2014," Godwin said. "I sold it at a time when prices are setting a new watermark."
Development sites in that area of U.S. 380 are trading for more than $10 per square foot, and Godwin said his property sold for "a strong double-digit price."
"They made me an offer and I couldn't refuse it," he said. "These are high-profile buyers with a big name, and hopefully they will develop that tract. If anybody is going to develop it right, they will."
Washburne is already a partner in another major Frisco development, the $500-million Canals at Grand Park mixed-use project on Legacy Drive near Main Street.
"It's a great corner — we will hold it a few years and see how things develop around us," Washburne said.
Godwin still owns almost 70 acres adjoining the sold property and has 270 acres on both corners across the highway in Prosper. He said land prices around the intersection of 380 and the tollway have almost doubled in the last year.
Longtime Collin County real estate broker Rex Glendenning represents Godwin in his purchases in the area and negotiated the sale of the corner to Washburne, Summers and Fogel.
"Mr. Godwin began acquiring land in the Frisco/Prosper area back in the '70s — over four decades ago — and still retains ownership of several hundred acres at this key intersection," Glendenning said in an email.
Godwin said that since he's an investor, not a developer, it made sense for him to part with the choice corner.
"You don't want to fall in love with a piece of dirt," he said.