ARLINGTON, TX-After a long-time hold, HealthSouth Corp. is selling a 1.04-acre tract at a prime retail corner to a Houston developer and his Williamsville, NY-based equity partner. The near $750,000 deal is set to close tomorrow.
Wellington Development Co. and Eastbourne Investments Ltd. are getting control of the northeast corner of Arbrook Boulevard and Matlock Road, less than a quarter mile from Parks Mall and a stone's throw from an Interstate 20 on-ramp. Chris Hotze, Wellington's principal, tells GlobeSt.com that the plan is to develop a retail center, the Shops on Matlock. He says the duo would like to break ground in the summer.
Hotze says talks are under way with a prospect for a 3,500-sf to 4,200-sf, single-tenant build-to-suit. If talks fall through, the back-up plan is to build an 11,000-sf, multi-tenant retail building, he says. Delivery is planned for early 2007.
Hotze says Robert Wright with Falcon Realty Advisors in Dallas was the buyers' consultant and is preleasing the development. Rhodes Baker with Lincoln Harris CSG, also in Dallas, represents HealthSouth, which is selling its second vacant tract to the development partners.
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