Transcontinental Realty Investors – a Farmers Branch-based property investor and developer – has purchased a building site in Las Colinas.

The 7.5 acres at 3838 Teleport in Irving is adjacent to a planned DART light-rail station.

Transcontinental Realty bought the land from Wireless4U in a deal negotiated Colliers International.

“This property was one of the best located sites available in the Las Colinas Urban Center,” said Colliers’ Noel Hutcheson, who negotiated the sale along with Cash McWhorter.

The DART line is scheduled to open in the Las Colinas Urban Center in 2011.

Developers are already working on several apartment, condo and retail projects in that area.

Transcontinental is already a major property owner in Las Colinas.