Bruce Ripper with Sperry Van Ness in Houston tells GlobeSt.com that ground could break within a year on acreage flanked by a nine-month-old Lowe's Home Improvement on one side and a restaurant and service station on the other. Trophy Investments, now repositioning Fort Worth's Village of Camp Bowie into a 350,000-sf lifestyle center, plans to carve out pad sites for the Southwest Freeway frontage and develop the interior with big-box retailers, according to Ripper. The new owner's also toying with the idea of developing some multifamily product on part of the land.
The Fort Bend County acreage is near the southeast corner of US Highways 36 and 59 or the Southwest Freeway, and just north of a proposed 100-plus acre city park. But, it's the proposed 6,000 single-family lots driving the push for more retail development, Ripper explains. "There's a lot of vacant land that's going to be developed into subdivisions," he says of a suburb with a present population of 26,442.
Ripper says he met some of the Dallas developer's team at a Harley-Davidson meet. After hearing the buying criteria, he knew what terrain would fit and immediately went knocking on the door of a group of Houston investors, South 59/36 Venture, the owners for two decades. The response, Ripper says, was "if they can buy it quick, I'll do a deal." Ninety days later, the exchange took place: more than $7 million in cash for the deed.
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