DALLAS–The co-founder and principal of the VelocisFund I, Steve Lipscomb, has announced theformation of LRIC Properties, which will focus onthe development of retail and shopping center properties throughoutTexas.

“Close to half a million people moved to Texas just last yearand more will continue to relocate over the course of the next fiveyears,” Lipscomb told GlobeSt.com. “Despite this population growth,there has been relatively little new retail development. LRIC isuniquely positioned to meet that pent-up demand and will leverageyears of industry knowledge and relationships to develop new retailin areas with strong residential and job growth.”

Lipscomb will serve as founder and principal of the new companyand will be joined by executive vice president BradKempson, who will be responsible for deal sourcing, siteselection, anchor leasing, as well as land and pad sales.