REIT plots an 800-acre masterplanned community

American Realty Trust Inc. of Dallas, TX, has acquired a 132-acre property in Dallas, TX, for a huge, 20-year development. The company has been buying $400 million worth of raw law just west of the intersection of Interstates 635 and 35E since 1995. According to Cooper Stuart, executive vice president for Basic Capital Management of Dallas, an advisory firm to American Realty, the company's property consist of about 800 acres. The property will be converted into a masterplanned community, called Mercer Crossing.