Home Depot's existing store at 2422 S. Interstate 35 could be affected by the state's plan to widen the highway, explains Grubb & Ellis Co.'s senior vice president Thomas Clarke. As a result, its acquisition arm, Benefit Realty Corp., stepped in with a contract about six months ago for vacant land at the interstate's junction with Valley Ridge Boulevard, Clarke tells GlobeSt.com. "At the time, we didn't know it was Home Depot, but we suspected it was," he says.
Clarke says Home Depot's nursery area is jeopardized by the state's plan to widen Interstate 35. "This was just a safeguard for them so they would have expansion capabilities to rebuild, if necessary," Clarke explains.
Clarke and Grubb & Ellis senior associate Lindsay Allen had the land on the market nearly eight months for S&S Leasing Ltd. of Dallas. Land prices, which have been steadily escalating across the region, exceed $5 per sf in that section of the metroplex.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
