FORNEY, TX-A Fort Smith, AR-based retail developer has quietly bought 19.8 acres from Oakridge Investments Inc. to add 80,000 sf of class A space to the 74-acre Mustang Crossing, a Wal-Mart-anchored center in Kaufman County. The all-in cost for the next wave of retail is estimated at $20 million.
Wally Properties Inc. got control of the acreage in a 30-day look and 30-day close after broker, Stephen Summers with Dallas-based Staubach Co., asked Mustang Crossing's developer, George Allen of Dallas, if he'd be interested in selling a piece of the project site at the junction of FM 548 and US Highway 80 in Forney, a hotbed of residential and retail activity just 20 miles east of Downtown Dallas. Summers tells GlobeSt.com that the buyer expects to break ground in early spring on a plan that could add a 40,000-sf box and 40,000 sf of inline space to an intersection en route to becoming the city's retail stronghold. He says Morrison Shipley Engineer Inc. of Fort Smith is still configuring the build-out plan for the estimated $20-million project.
Summers, who's steering pad site sales, already has parcels under contract to the Walgreen Co. of Deerfield, IL and the Oklahoma City-headquartered Sonic Corp., letters of intent on three others and two still available at a quoted rate of $20 per sf. The pad sites range from three-quarters of an acre to two acres. Meanwhile, Staubach's Lynn Dowdle has rallied preleasing interest for 20,000 sf with a quoted range of $18 per sf to $24 per sf.
The first delivery for Allen's $65-million Mustang Crossing will be the 205,000-sf, 20.4-acre Wal-Mart, set to open in the summer, and the kick-off play for a 550,000-sf build-out. Allen's development docket also includes a 10-screen theater. Oakridge's JV partner, the Addison-based Christon Co. had principal Jim Christon and Robert Barksdale negotiating the land sale with Summers.
Wally Properties is a recognized Wal-Mart follower, pushing a development roster of more than 25 centers either completed or under construction in Dallas/Fort Worth. Just seven months ago, the company bought 4.1 acres to build a 16,000-sf shopping center in the Collin County suburb of Wylie.
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