W&R Group Inc. of Fort Smith, AR bought the 4.1-acre site from one-year owner, Cypress Equities, a development affiliate of Dallas-based Staubach Co. The land abuts an 8.7-acre hard corner now in the planning stages for a retail project. When the building is done, the crossroads of Texas 78 and Kreymer Lane in Wylie will have four corners of retail anchored by a Wal-Mart Supercenter.
W&R Group has completed 12 Wal-Mart peripheral retail centers and has 13 under construction. The latest deal puts two on the drawing boards for Dallas/Fort Worth. Stephen Summers with Staubach Retail tells GlobeSt.com that work is ready to begin on a 25,000-sf project in Cedar Hill, where the developer picked up the project site in recent months from Wal-Mart. W&R Group's intention is to simultaneously deliver both projects in the fourth quarter or first quarter 2005, according to Summers, who along with Staubach's Lynn Dowdle is handling pre-leasing. Based on current construction costs, the projects will carry a $1.5-million to $2.5-million development tag.
Summers brokered the Wylie land sale, where the going rate for dirt is $6.50 per sf, for Cypress Equities. Haynes Reynolds of Fite-Reynolds Real Estate in Fort Smith represented the buyer.
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