The back-to-back closings turned deeds in Frisco, North Richland Hills and Hickory Creek. Lou Miranda, a senior vice president with United Commercial Realty/ChainLinks in Dallas, tells GlobeSt.com that the drug store chain, owned by JCPenney Corp. Inc. of Plano, TX, pushed ahead on the site acquisitions because the deals were working "prior to any sale talks. So, these will happen." Under the present plan, fall openings are planned for the locations.
In Frisco, Benderson Development Co. Inc. of University Park, FL bought 1.8 acres at Teel Crossing I, a Henry S. Miller Commercial project on the northeast corner of Teel Parkway and Main Street. Besides Miranda, the UCR team included James Mason, associate, and Jean Smith, COO.
When the building starts, the Teel Crossing project will be 13,000 sf. Representing the seller, Teel Crossing I Ltd. were Dan Shoevlin and Mark Hajdu, both with Dallas-based Henry S. Miller Commercial.
In North Richland Hills, the locally based Dickerson Development bought an office building on two-acres at the southeast corner of Texas 26 and Precinct Line Road. The structure, previously occupied by UICI Life Insurance Co., has a date with a wrecking ball, Miranda says.
Dickerson also acquired 1.6 acres at the southeast corner of FM 2181 and Hickory Creek, bought from Cencor Real Estate Services in Dallas. Tim Donovan and Brian Glaser, a Cencor team, negotiated the deal with the UCR trio.
Miranda says the 130-store Eckerd has been buying eight sites per year, on the average. The typical scenario is to spend about $1.2 million on the dirt and then build a standard-format store of about 14,000 sf.
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