TVO's top executive didn't return telephone calls by publication time, but one dealmaker says that the plan is to raise an 80,000-sf to 90,000-sf building along Texas 26 on acreage in a suburban pocket that's fallen into favor with several hospital groups looking to expand. The Grapevine Highway acreage was marketed for five years at $4.50 per sf as a retail site, Lester Day with NAI Huff Partners in Fort Worth tells GlobeSt.com. "They found me," he says. "They were searching for six to eight months." He says the irregular shape of the site hindered a quick sale for long-time owner, Hurst Highway 26 Ltd. of Plano.
Day says TVO, headquartered in Chicago and El Paso, plans to use seven acres for the medical office building and divvy the balance into pad sites for retail and restaurant development. Day's been hired to market the pad sites.
Day says the seller's owned the land since the mid-1980s, selling nearly five acres at 747 Grapevine Highway about 18 months ago to Shurgard Texas LP, the regional development arm for the Seattle-based mini-storage developer. A Lowe's Home Improvement Warehouse is across the street. Meanwhile, several hospital systems have taken down tracts for related uses in the immediate area. "It's turning into an office and medical hub," says Day, who teamed with Yang Realty of Plano to close the deal with TVO North America, which is known more for its multifamily properties more son than medical office developments.
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