The Archon Group, based in nearby Irving, has been keeping its plans for the land at the corner of Beltline Road and Montfort Drive close to the cuff. Archon's project lead was unavailable to update the redevelopment's status by publication time.
The Winston-Salem, NC-based Wachovia is planning a fall opening for the branch so a groundbreaking definitely looms for the near term. The average branch building is 4,000 sf.
Though little can be disclosed about the ground lease's details, the site was at the top of Wachovia's "to do" list for this year. "Wachovia likes grocery anchors," says Mark Newman with locally based Staubach Co.'s retail group, who teamed with colleague Mark Reeder to represent Wachovia. "They like that traffic that the grocers bring in at supercenters." Now is the right time to solidify the deal, he tells GlobeSt.com, due to Wal-Mart's soft start in recent weeks and today's grand opening at the southeast corner of Arapaho Road and Montfort Drive. The upcoming line-up also includes a Barnes & Noble.
Newman, who also represents Archon in marketing Prestonwood Town Center, will only confirm Wachovia's ground lease runs for the long term. Given the average for comparable deals and the prime North Dallas spot, it's most likely a 10-year pact plus options to extend. And the location translates into a rent range of $18 per sf to $35 per sf.
Archon bought Prestonwood Mall in 2000 to convert the space into a high-tech hub, but the industry's backslide derailed the plan. The mall was razed in recent years as the owner mapped out a retail and residential proposal, which is predicted to pick up momentum now that Wal-Mart's opened its doors.
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