MANSFIELD, TX-A North Texas developer, already holding 870 acres for a mixed-use plan, has picked up 46 acres across the highway and banked it for future office and retail development.
The triangular-shaped tract is bordered by Lone Star Drive and US Highway 287, including its business route--a stone's throw from the Irving-based Cadence Capital Group's proposed South Pointe. "There are no definite plans right now," Greg Morris with Dunn Commercial LP in Arlington tells GlobeSt.com about Cadence's purchase from the Rodgers family of Mansfield.
The acreage sold for close to the $2.5-million marketed price. Morris, who represented Cadence Capital, says negotiations with the family's broker, James Whitten in CB Richard Ellis Inc.'s Dallas office, delivered a closing within 90 days.
Morris labels the buy as "a strategic purchase" for Cadence, which is pushing a plan through the City of Mansfield to turn 870 acres into a master-planned community with 1,880 single-family homes and 4,000 condos and apartments along with retail development and 50 acres of office space set in nine "villages" much like the Woodlands near Houston.
The just-bought 46 acres are not bound by the South Pointe plan, which just had its third reading before council. Depending on the product type, the 46 acres could easily hold 200,000 sf to 500,000 sf, according to Morris.
"Development is rapidly pushing south in Mansfield," Morris says. About 62% of the city's total land mass remains undeveloped in a city with a fast-paced population growth and highways lined with scores of homebuilders' signs for new product.
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