CELINA, TX-Site work has begun on a 13,200-sf speculative first phase to a 30,100-sf shopping center on 4.9 acres of just-bought land.
The Shops at Carter Ranch is penciled for a fourth-quarter delivery on the northeast corner of Preston Road and Carter Ranch in Celina, says Lynn Dowdle with Dallas-based Staubach Co.'s retail team who is running the pre-leasing campaign for developer, Mark R. Smith Co. of Dallas. The developer acquired the land from Sami and Debbie El Chami of Celina, getting a key site for an estimated $4-million shopping center in a pocket with more than 2,200 single-family homes under construction. The seller's broker was Scott Balch with Herrin Real Estate Co. in Dallas.
Dowdle tells GlobeSt.com that the first phase for the project will start going vertical in a couple months. The retail space is being hawked at $18 per sf and $4.50 per sf triple net. The plan calls for a retail center of mostly local tenants and two pad sites, each about 35,000 sf and tagged at $15 per sf.
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