Gadel Development Inc. acquired the site near Beltline and Cockrell Hill roads in Desoto from three-year owner, BM Development of Dallas. Dan Shoevlin with Henry S. Miller Commercial in Dallas tells GlobeSt.com ground will break no later than the fourth quarter so a grand opening ribbon can be cut in spring 2005.
Shoevlin and Paul Harmon, also with Henry S. Miller Commercial, represented the seller and then cornered the assignment to win national and local tenants for a neighborhood center with a cross-access agreement with its Boise, ID-based grocery neighbor, which opened its doors along with 5,000 sf of inline space about four years ago. In taking the project to market, the developer has put a $16 per sf rate on the new retail space.
Shoevlin says the land sale closed about two months after talks began. Land in the immediate area has been getting $6 per sf for similar size tracts. The Michael Group in Dallas handled negotiations for the buyer.
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