Prime Rail Interests LLC, is building its base in southern Dallas, with the acquisition of nearly 340 acres of land on Pleasant Run Road in Lancaster. It’s the largest land sale to close in 2012, according to local real estate sources. The purchase includes two rail easements.
“The acquisition of this land further supports the long-term vision that my company and I have for the southern Dallas,” said Mike Rader, president of Prime Rail Interests, in a statement. “We are assembling land to develop a 3,000-plus acre industrial business park with on-site rail service capability, providing sites for heavy manufacturing to technology and distribution warehouses.”
Tom Pearson, Chris Teesdale, and Ward Richmond of Colliers International’s Supply Chain Real Estate Advisors group in Dallas brokered the transaction on behalf of the seller, American Bank of Texas of Sherman.
Rader said his park takes advantage of the area’s logistical attributes: “access to three interstate highways and two Tier I railways, not to mention an abundance of undeveloped land, to develop an area which has remained relatively undevelopedl as Dallas has grown primarily to the north and to the west.”
The ultimate goal, he said, is to attract employers that will build a job base to entice developers to come in and build residential, retail, and hospitals in the area.