Part of the interest is due to Centex's plan to add onto its Cimarron Estates while the up-and-coming expansion of Texas 78 into a four-lane artery equally shares credit for the development interest.
Reliance Asset Management of Dallas has bought the land from a group of Wylie landowners, the Wylie Highway 78 South JV. The seller's broker, Ray Utley, executive vice president and division head for Henry S. Miller Commercial's land division, told GlobeSt.com last month that the deal would close in June--and it did. Tom Grunnah, also of Henry S. Miller Commercial, represented the buyer.
"It's a good property," Grunnah says in an interview. "Wylie is a hotbed of activity." The interest on the development front has land fetching anywhere from $2 per sf to $15 per sf, he tells GlobeSt.com.
Like other towns between Dallas and the Red River, residential developers have the stage primed for retail projects. "It's all new and different," Grunnah says. "There are loads of new rooftops going in."
Reliance Asset's acreage came commercially zoned, ready for pad site sales to retailers who are looking to get in early on the retail offerings. The bulk of the land surely will be devoted to retail development but, adds Grunnah, don't dismiss the possibility of office product rising as well at the crossroads of Texas 78 and Anson Road, a gateway to Cimarron Estates.
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