Dana Fricke, executive vice president for the Colleyville, TX-based Realty Capital, estimates the park will cost about $2 million to develop. The developer is looking to build five to eight buildings with "for sale" or "for lease" space that will come to market in shell condition for $140 per sf to $150 per sf, she tells GlobeSt.com. The first to rise will be an 8,300-sf office/medical design that will come out as spec, she says, and the balance brought out as the market dictates. The park will have pad sites, ranging from 4,000 sf to 10,000 sf, for retail, office, medical office and restaurant uses.
Realty Capital formed a partnership to put up the private equity financing for a plan to build out in stages over the next several years. Seller Beal Bank held onto the hard corner on the northwest side of Texas 121 and parted with abutting land. The construction kick-off is still being determined.
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