IRVING, TX-Ground will break within two months on a 28,000-sf tract at a high-traffic intersection in Las Colinas, where dirt is fetching $8 per sf to as much as $25 per sf. The soon-to-start project, a 6,000-sf retail building, is 60% pre-leased.
The Las Colinas Homeowners Association was the most difficult hurdle to overcome in the sale between Dallas-based Great Lakes Development and the tract's longtime owner, the Las Colinas Federal Credit Union, says Mark Hajdu, senior vice president with Henry S. Miller Commercial in Dallas. To win the association's nod, the buyer eliminated a drive-through window and made the design fit the tony neighborhood to set up a $1 million-plus project, Hajdu tells GlobeSt.com.
The tract is the only open corner at the intersection of Cimarron Trail and MacArthur Boulevard. And, Hajdu says, it had been on the market for some time. Great Lakes' neighbors are an upscale multifamily development, shopping center and high-end single-family homes.
Hajdu, who single-handedly brokered the sale, has pre-leased space to Little Caesar's and First Cash. "We are working a couple letters of intent right now," he says, predicting the development will be 100% pre-leased by the groundbreaking. The next step is selecting a general contractor so the building can deliver by the third quarter.
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