The land rush is heading farther north with the sale of major development sites in Sherman. The just-sold properties are near where semiconductor firms are planning huge new plants in Grayson County.

An investment group purchased 500 acres at the northwest corner of Preston Road and Washington Street in Sherman, just a few miles northwest of the planned Globitech and Texas Instruments chip plants.

“Plans are to develop the property for future single-family housing as the Sherman area sees continued growth and momentum,” said real estate broker Rex Glendenning, who handled the sale.

Glendenning said more housing will be needed after the chip plants open.

“Both projects are expected to create approximately 4,700 new jobs,” he said. “This tract is extremely well positioned to take advantage of the housing units needed for the chip plants workforce.

“I believe these new chip plants will give Sherman the platform needed to capture the new growth that we have been working towards for years.”

The same investment group recently acquired the adjoining Preston Club Golf Course, which was an approximate 240-acre site.

Glendenning and Robert Wyman of Rex Real Estate handled negotiations.

“We are seeing more and more developers and investors gravitating to this area looking for new development opportunities,” Glendenning said.

Developers have been buying thousands of acres north of Dallas in Collin and Grayson counties to construct new neighborhoods.