David Fogel, principal in Component Capital tells GlobeSt.com that there are several plans working, including medical office, for the acreage at the southwest corner of Custer Road and Eldorado Parkway in Frisco. Pre-leasing has begun for the pad sites, tagged at $15 per sf to $20 per sf. Build-out as retail or medical office hinges, in part, on a big box retailer's talks for a piece of the high-traffic intersection, Fogel tells GlobeSt.com.
Fogel says he and partners, Caleb and Jeremy Fernandes of Dallas, jumped into negotiations for the site about six months ago. "It was an opportunity for us to develop...if we wanted to," Fogel says. In the past year, the trio has bought existing product in Dallas/Fort Worth and Houston, but not made a push for a development site until now.
Stephen Summers with Dallas-based Staubach Co. says the acreage was "definitely a hot property." Cypress Equities, a Staubach affiliate, bought the intersection's southwest corner in fall 2003 and set about reselling the land to developers. Retail land in the corridor hovers $15 per sf.
Component Capital was the top offer, according to Summers. "Component got a great deal for the price they paid," says the buyer's broker. Daniel Taylor, also with Staubach, represented Cypress Equities.
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