PROSPER, TX-Working through off-market channels, Wally Properties Inc. of Fort Smith, AR has laid claim to another intersection in its dogged pursuit to get land beside future Wal-Mart Supercenters. The developer has bagged 26 acres and placed a contract for an abutting 13, all earmarked for a 300,000-sf retail development with eight pad sites.
The developer should be ready to break ground on an as-yet unnamed shopping center by midyear 2006, Stephen Summers with Dallas-based Staubach Co. tells GlobeSt.com. The first block of land at US Highway 380 and Custer Road was bought from Fairfield Residential LLC of Arlington, which had Dallas-based Kendall Miller Realty as its broker. Large tracts of retail land in the area range from $3 per sf to $7.50 per sf.
Summers says he placed an unsolicited offer to Fairfield for the 26-acre northwest corner after learning that the Bentonville, AR-based Wal-Mart Stores Inc. recently bought the southwest corner. "That was the initial thing that led me to the property. That and the fact that it is so well located," Summers says, citing the extension of the Dallas North Tollway as the impetus for the interest. "The market is just now reaching Custer and 380."
As the deal pushed toward the closing, Wally Properties made a second off-market bid for adjoining land, which is under a different ownership. At the rest of the crossroads, at least for now, the southeast corner is empty and the northeast holds some vintage buildings.
Winkelmann & Associates of Dallas has been hired for the engineering work and site plan. Summers is preleasing the project, which will front US Highway 380. "I'm working on the anchors," he says.
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