Realty Capital Partners Inc. pulled together 36 investors to back a 50-50% partnership with Chief Development Inc. for a project near the junction of Texas 121 and Hebron Parkway, Julianne Maerschel, in-house counsel for the Colleyville-based equity group, tells GlobeSt.com. The first wave of construction will be two single-story buildings totaling 11,000 sf. A 17,000-sf, three-building second phase will get under way after the initial spec space is preleased or sold, she says.
"We've already had interest from a private school and several doctors' groups and a real estate company," Maerschel says. Search Commercial in Carrollton is steering the preleasing, using an $18 per sf triple net rate to open talks.
The project, still without a name, was designed by CNK & Associates Inc. of Grand Prairie. Bill Leeming, also from Grand Prairie, is the landscape architect. Salyer & Associates Inc. of Grapevine is the general contractor.
The Texas 121 expansion was key to the decision to take down and develop the site, which fronts the freeway and Fairmount Court. The nearby proposed developments include retail and multifamily space.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.