Developer Readies Triple Retail Play

Vista Equities Group Inc.'s first ground-breaking will be a 1.4-acre tract at the intersection of Fallbrook Drive and Beltway 8 in far northwest Houston. The property, marketed at $6 per sf or $261,360, was bought from Dallas-based Fallbrook Investments.

The Plazas at Legacy Park is a 13,000-sf design that will deliver in November. Dennis Johnston of McDade, Smith, Gould & Johnston in Houston represented the seller in the transaction.

In June, ground will break on the 20,000-sf Plazas at Grand Parkway, a 2 1/2-acre parcel at the crossroads of Grand Parkway and Highland Knolls Drive in the Katy, a suburb west of Houston. The project is scheduled for completion in January 2004.

Woody Mann Jr., Vista Equities' president, tells GlobeSt.com, that the land was bought from the Westland Baptist Church. The asking price was $10 per sf or slightly more than $1 million. William Byrd of Colliers International's Houston office and Dick Gould of McDade, Smith, Gould & Johnston handled talks for the church.

Also in June, Vistas Equities will start work on the 16,000-sf Plazas at Royal Oaks, which will go up on 1.6 acres at the intersection of Richmond Avenue and Kirkwood Road in the Westchase submarket. The land is situated near a Wal-Mart supercenter and the tony Royal Oaks neighborhood. It too will deliver in January 2004.

Houston-based Camden Property Trust was seeking $16 per sf or more than $1.1 million for the tract. Gould was Camden's broker for the land sale.

Mann, who handled Vista's talking, says the firm always looks for land at major intersections near budding residential developments or areas with limited retail competition. Despite the triple project agenda, he says the firm is continuing to scout for more acquisition and development opportunities.

Hermes Architects of Houston designed the three centers. Ruskin Corp., also of Houston, is the general contractor. Donna Keith, vice president of leasing for Vista Equities, is overseeing the leasing.