College Park Partners LP plans to develop a shopping center with seven freestanding pad sites as well as135,000 sf of multi-tenant retail space. Construction will begin in February on the center, which will be dubbed College Park Plaza, with delivery set for November.
McPhetridge notes in a statement that "five of the seven pad sites are already committed and leasing is underway for the in-line space." McPhetridge did not announce any specific tenant names except to say that types of businesses vying for space at the center include a major pharmacy, electronics store, clothing stores, day-to-day convenience shopping, medical and professional offices, fast food and casual dining restaurants, banks and a limited service hotel.
The sales price on the land was not revealed but statistics recently published by the Woodlands Operating Co. put average land sales for 2002 at $7.51 per sf. If this land sale is near the average, then it sold for somewhere over $8 million.
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